Wednesday, May 12, 2010

Oil, Disasters and Lawyers - Toxic Mix

Who bears the ultimate responsibility for America's Chernobyl off the Gulf coast?

If you asked an oil executive on Capitol Hill yesterday you got a Circular Firing Squad answer tailored by $800/hr corporate lawyers.

The blame game has begun, while an estimated 5-25,600 barrels a day explodes into the pristine waters of the Gulf.

For lawyers on both side of this on going eco disaster big oil equals big money.

BP's legal teams in the Gulf are already into questionable legal waiver practices making sub contractors working on oil clean up projects limit the amount of money they can accept to a one time payout of $5000.

"Pay all legitimate claims," is the current catch phrase for oil executives that leave them in a titanic grey area almost as big as the oil slick now covering the Gulf.

One thing is for sure, when the final bill does come for this mess, BP, Transocean and Hallibuton will be paying out on a three tiered system. House legal team first, opposing legal team second, and pennies on the dollar to whoever and whatever is left of the once magnificent Gulf.
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