Monday, January 19, 2015

Oil Prices to Play Into BP Fine - WSJ

Oil Prices to Play Into BP Fine - WSJ:

“We look forward to presenting our case at trial,” said J. Andrew Langan, a lawyer representing BP’s subsidiary. The company “should be subject to a Clean Water Act penalty at the lower end of the statutory range.”

BP had $30.7 billion in cash by the end of September. But the company argues that it has no obligation to lend money to its subsidiary and that the court should disregard the broader BP group’s financial resources in imposing a fine.

BP also argues it should get credit for leading the “largest environmental response operation in the nation’s history,” according to court pleadings. The company has incurred $43 billion of spill-related costs, including criminal and civil settlements and $14 billion for the Gulf cleanup.

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