http://www.alternet.org/environment/147014/10_things_you_need_%28but_don%27t_want%29_to_know_about_the_bp_oil_spill10 Things You Need (But Don't Want) To Know About the BP Oil Spill
How the owner of the exploded oil rig has made $270 million off the disaster, and nine other shocking, depressing facts about the oil spill.
May 27, 2010 |
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Though BP officially admits to only a few thousand barrels spilled each day, expert estimates peg the damage at 60,000 barrels or over 2.5 million gallons daily. (Perhaps we'd know more if BP hadn't barred independent engineers from inspecting the breach.) Measures to quell the gusher have proved lackluster at best, and unlike the country's last big oil spill -- Exxon-Valdez in 1989 -- the oil is coming from the ground, not a rig, so the amount that could continue to pollute Gulf waters may be infinite.
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1. Oil rig owner has made $270 million off the oil leakTransocean Ltd., the owner of the Deepwater Horizon rig leased by BP, has been flying under the radar in the mainstream blame game. The world's largest offshore drilling contractor, the company is conveniently headquartered in corporate-friendly Switzerland, and it's no stranger to oil disasters. In 1979, an oil well it was drilling in the very same Gulf of Mexico ignited, sending the drill platform into the sea and causing one of the largest oil spills by the time it was capped... nine months later.
This experience undoubtedly influenced Transocean's decision to insure the Deepwater Horizon rig for about twice what it was worth. In a conference call to analysts earlier this month, Transocean reported making a $270 million profit from insurance payouts after the disaster. It's not hard to bet on failure when you know it's somewhat assured.
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5. Clean-up prospects are dismalThe media makes a lot of noise about all the different methods BP is using to clean up the oil spill. Massive steel containment domes were popular a few weeks ago. Now everyone is touting the "top kill" method, which involves injecting heavy drilling fluids into the damaged well.
But here's the reality. Even if BP eventually finds a method that works, experts say the best cleanup scenario is to recover 20 percent of the spilled oil. And let's be realistic: only 8 percent of the crude oil deposited in the ocean and coastlines off Alaska was recovered in the Exxon-Valdez cleanup.
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7. BP is sequestering survivors and taking away their right to sueWith each hour, the economic damage caused by Deepwater Horizon continues to grow. And BP knows this.
So while it outwardly is putting on a nice face, even pledging $500 million to assess the impacts of the spill, it has all the while been trying to ensure that it won't be held liable for those same impacts.
Just after the Deepwater explosion, surviving employees were held in solitary confinement, while BP flacks made them waive their rights to sue. BP then did the same with fishermen it contracted to help clean up the spill though the company now says that was nothing more than a legal mix-up.
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10. No one knows what to do and it will happen againMORE