May 2, 2011

Ask the Expert: Michael Conathan on BP in the Gulf

CAP, Center for American Progress

Is BP following through on its pledge to “make things right” in the Gulf Coast?

In the months after the spill, at the request of President Obama, BP established a $20 billion escrow fund to pay economic claims arising from the impacts of the spill. But it’s worth noting that they also filed for a tax credit recently that would effectively leave taxpayers paying for $10 billion of that $20 billion fund. Also they put a three-year cap on claims against that fund, meaning that as of 2013 no more claims would be received or would be paid. It’s worth noting as well that in the aftermath of the Exxon Valdez spill the Herring Fishery in Prince William Sound didn’t collapse until more than three years following that spill. So fishermen in that case...

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TAGGED: oil, Clean Water Act, Conathan, Center for American Progress, Gulf Coast, BP Horizon oil spill, Michael Conathan

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