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UF helps assess the economic hit taken from BP oil spill

Friday, 12 September 2014 14:16
Frady canceled between 38 and 42 fishing trips in the six months following the largest oil spill disaster in U.S. history. "They shut down fishing from the middle of June until October," Frady said. "Everybody was locked out." The spill forced him and his fellow fishermen into other professions temporarily, and the subsidies BP paid out through the Vessels of Opportunity program helped him and a lot of other people dependent on the fishing and…
Naomi Klein: the hypocrisy behind the big business climate change battle
Friday, 12 September 2014 03:10
I denied climate change for longer than I care to admit. I knew it was happening, sure. But I stayed pretty hazy on the details and only skimmed most news stories. I told myself the science was too complicated and the environmentalists were dealing with it. And I continued to behave as if there was nothing wrong with the shiny card in my wallet attesting to my "elite" frequent-flyer status.
Climate crimes: Naomi Klein on greenwashing big business
Thursday, 11 September 2014 21:00
I denied climate change for longer than I care to admit. I knew it was happening, sure. But I stayed pretty hazy on the details and only skimmed most news stories. I told myself the science was too complicated and the environmentalists were dealing with it. And I continued to behave as if there was nothing wrong with the shiny card in my wallet attesting to my "elite" frequent-flyer status.
Edmond Jackson's Stockwatch: Insider backs BP. Should you?
Wednesday, 10 September 2014 13:07
Is the bad news - a US District Court finding BP "grossly negligent" regarding its 2010 Gulf of Mexico oil spill - actually a sign to buy? As a result, shares in integrated oil & gas companyBP (BP.) fell near the lower end of their 524p/455p annual trading range, in a sideways channel since mid-2010.
BP's Oil Spill Liabilities Could Rise Sharply As The Court Finds It Grossly Negligent
Wednesday, 10 September 2014 08:13
A U.S. federal judge has ruled thatBP Plc.(BP) was grossly negligent in the lead-up to the 2010 DeepwaterHorizon incident. This could increase the London-based oil and gasgiant's total liabilities by as much as $14.5 billion. The companyhas come out with a statement expressing strong disagreement withthe verdict and plans to immediately appeal to the U.S. Court ofAppeals for the Fifth Circuit.
More litigation concerns await BP despite the latest Macondo ruling
Wednesday, 10 September 2014 03:01
A must-know guide to BP and the recent Deepwater Horizon ruling (Part 4 of 7) (Continued from Part 3) Trust created to meet obligations As of the end of June, BP PLC (BP) has set aside $3.5 billion for any potential penalty in anticipation of any unfavorable ruling under the Clean Water Act. By the end of June, BP has recorded $42 billion (pre-tax) charges related to the matter.
BP lost 55% shareholder value after the Deepwater Horizon incident
Tuesday, 09 September 2014 12:51
A must-know guide to BP and the recent Deepwater Horizon ruling (Part 3 of 7) (Continued from Part 2) What happened on April 20, 2010? Deepwater Horizon was a deepwater, offshore oil drilling rig owned by Transocean (RIG) and operated by BP Plc. (BP). On April 20, 2010, while drilling at the Macondo Prospect, there was an explosion on the rig caused by a blowout that killed 11 crew members.
A must-know guide to BP and the recent Deepwater Horizon ruling
Tuesday, 09 September 2014 04:50
A must-know guide to BP and the recent Deepwater Horizon ruling (Part 1 of 7) BP’s accident BP PLC (BP), the British energy major, was held accountable for “gross negligence” in a U.S. federal court ruling over the oil spill incident that took place in April 2010. The accident, infamously known as the “Deepwater Horizon” or “Macondo” accident, involved millions of gallons of crude oil spilling into the Gulf of Mexico for over three months.
BP found reckless in Gulf oil spill, could face extra $17.6B in fines
Monday, 08 September 2014 13:37
A judges ruling in the 2010 Gulf of Mexico oil spill case that could cost BP an additional $17.6 billion in fines sent the companys shares tumbling Thursday. BP was found by U.S. District Judge Carl Barbier to have acted with gross negligence, leading to the worst U.S. offshore oil spill. The ruling triggers the highest possible fines under the Clean Air Act of $4,300 per barrel of oil spilled.
BP Rating Outlook Cut to Negative by Moody's on Court Ruling
Monday, 08 September 2014 08:40
Oil giant BP plc (BP) underwent a rating action from Moody's Investors Service, a unit of Moody's Corporation (MCO). The rating agency downgraded the outlook to negative, following a U.S. District Court ruling that BP was grossly negligent in its response to the Macondo accident and oil spill of Apr 2010.
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