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BP warns of rising costs from spill settlement http://apocadocs.com/s.pl?1362888257
BP is warning investors that the price tag will be "significantly higher" than it initially estimated for its multibillion-dollar settlement with businesses and residents who claim the 2010 oil spill in the Gulf of Mexico cost them money.
The London-based oil giant estimated last year that it would spend roughly $7.8 billion to resolve tens of thousands of claims covered by the settlement agreement. But in a regulatory filing this week, BP PLC said businesses' claims have been paid at much higher average amounts than it had anticipated.
The company also said it can't reliably estimate how much it will pay for unresolved business claims following a ruling Tuesday by the federal judge supervising the uncapped settlement. U.S District Judge Carl Barbier rejected BP's interpretation of certain settlement provisions....
BP already had revised its estimate for the total cost of the settlement before Barbier's ruling, saying earlier this year that it expected to pay $8.5 billion instead of the $7.8 billion it estimated when it first cut the deal.
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[Read more stories about:
oil issues, toxic leak, toxic water, canary in coal mine]
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'Doc Jim says:
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A few billion? A trillion? A jillion? Or equal to the price of damaging an ecosystem for a few thousand years?
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