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BP's Last Days? | The Nation

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Nation in the News

Nation in the News

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BP's Last Days?

As the BP oil spill marks its 44th day, the likelihood that BP could rebound from the disaster lessens with every passing day.  When BP admitted that their “Top Kill” solution failed, BP’s stock price in Britain plummeted, taking the biggest one-day drop in 18 years. In the U.S., BP stock fell 15 percent. Along with BP’s abysmal stock prices, the company could be fined for gross negligence from the EPA, and at $4,300 a barrel, that could cost the company nearly $10.7 billion.

Nation Washington Editor Christopher Hayes appears on The Rachel Maddow Show to discuss BP’s future. Hayes argues that the total fine BP faces could be even larger, as “everyone who has an injury that can plausibly be connected to what [BP] did” could file tort common law claims against the company.

But much like in the wake of the Exxon Valdez spill, ongoing litigation—and the nature of the EPA and the government—may delay payments for years. “[The next] administration might choose not to pursue the maximum amount of fines,” says Hayes. “So, nothing is guaranteed about what they‘ll end up having to pay.”

—Clarissa León

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