Tag Archives: DeepwaterHorizon

How Much Did the Deepwater Horizon Spill Cost BP?

The Deepwater Horizon spill that occurred on April 20th, 2010, cost the lives of 11 workers and sent 3.2 million barrels of oil into the Gulf of Mexico. More than six years later, BP has finally put a price on the cost of the accident – $61.6 billion. Let that number sink in for a minute. In comparison, the Exxon Valdez spill in 1989 cost $4.3 billion. The number mentioned by BP accounts for all liabilities, including lawsuits, fines and the cost of the cleanup – just to name a few examples. For those of us who remember the devastation caused by the accident and ensuing spill, the price may be less surprising. Businesses and towns in Gulf states suffered horribly. Shrimp fishermen, motels, restaurants and many others lost business. More than 400 local governments, including Lafayette and Lake Charles, were affected by the spill. Earlier this year, a federal…
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Preventing Another Deepwater: Offshore Rig Safety Rules Undergo Changes

Last week, we discussed how a federal judge had approved a $20 billion settlement for victims of BP’s Deepwater Horizon spill. The Deepwater spill is considered the worst environmental catastrophe in history, and nothing like it must ever be allowed to happen again. BP’s negligence killed 11 workers and sent millions of barrels of oil into the Gulf of Mexico. The Department of the Interior (specifically the Bureau of Safety and Environmental Enforcement) recently announced new regulations that may help prevent another major disaster in the Gulf of Mexico. Under the new rules, outside agencies will conduct annual assessments of blowout preventers (BOPs). BOPs are responsible for preventing the buildup of underground pressure caused by explosive hydrocarbons. During the Deepwater incident, a faulty BOP failed to seal a sudden surge of natural gas, which ignited and caused the explosion. With regular assessments of blowout preventers conducted by outside agencies, it…
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