Five years ago this week a blowout of BP’s Deepwater Horizon oil rig 40 miles from the Gulf Coast tragically claimed 11 lives and spilled 3 million barrels of oil from the damaged wellhead into the Gulf. It’s hard to forget the video images of thick oil day after day gushing into the region’s waters.It was a horrific accident that caused substantial damage to the ecology and commerce of the region. Gulf area wildlife, portions of the shoreline, tourism, fishers and shrimpers, and energy sector employment suffered large losses in the aftermath of the spill.
BP has paid close to $27 billion in penalties, payments to aggrieved parties, and clean up costs in one of the largest payouts for an accident in American history. This is enough money to hand every man, woman, boy, and girl in Chicago or Houston a $10,000 check. In addition, as the result of a court ruling last fall finding BP acted with willful misconduct and gross negligence leading up to the spill, BP could have to pay another $13.7 billion in Clean Water Act penalties.
But the good news on this fifth anniversary is that...
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