The Obama administration as well as many other political and social organizations are pushing BP to pay for all financial aspects of the cleanup. There are analysts saying that BP could easily afford to pick up the costs, as it will be spread out over the course of years and not as one lump sum. Unfortunately, I personally doubt that BP will pay for all of the damage and that some taxpayer money will inevitably end up cleaning up the oil mess.
BP is going to have to pay monetary compensation. There are currently lawsuits against the company due to the oil spill affecting the fishing and tourism industries in the Gulf of Mexico. There have been 200 lawsuits filed so far. The cost of the oil spill are going to be as high as $40 billion.
BP is said to have to pay for it, but I believe that we will end up footing much of the cost. BP will pay for any immediate damages, but the government will end up paying for restoration and much other damages later down the road. When this goes away in the media and nobody is watching over the situation, that is when will start to pay.
Though BP has said it will pay for the damages, Halliburton, and MMS (The Minerals Management Service) are also involved in this catastrophe. There is constant debate as to whether BP should have even been given the lease by MMS to drill after BP had been given the worst safety rating out of all power and oil companies. OSHA, or the Occupational Safety and Health Administration, had fined BP 760 times for “egregious” safety offenses. Exxon Mobil has only been fined once.
BP will definitely have to pay for most of the damage, but I imagine they will try to place some of the blame on Halliburton and MMS. If the situation gets too out of hand (it is already catastrophic), the Obama administration might step in and take over responsibility for the cleanup. It really depends on changing public opinion and the future actions of BP.
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