How's that Cheap Oil Working out for Ya?
June 16, 2010 11:42 AM Subscribe
BP agrees to set aside $20 billion for spill claims. In a much anticipated deal brokered with the heads of the disgraced oil industry giant following on the heels of last night's speech from the Oval Office, President Obama has received a commitment from BP to establish a $20 billion dollar escrow account to pay for economic damages related to the Deepwater Horizon's now estimated 35,000 to 60,000 barrel a day oil gusher in the Gulf of Mexico (also previously here, here, and here on the blue). Does this development render moot the politically perilous issue of retroactively lifting the $75 million dollar cap on oil company liabilities, which the DOJ recently declared legal? Some are asking for more details. NY Times asks: How much will BP really pay? Darling of the far-right fringe Michelle Balkin cautions BP: "Don't be chumps! This is redistribution of wealth." And fellow right-of-centrist Sarah Palin wants to call in the Dutch.
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