Following the explosion of one of its oil rigs in the Gulf of Mexico, British BP caused a huge oil spill in 2010. An amicable settlement with the American department of justice resulted in a sentence ordering BP to proceed to the payment of a heavy fine amounting to 4.5 billion USD, which the group accepted. This amount, payable over a five-year period, will be added to the 7.8 billion USD already disbursed to the victims.
It is by far the biggest conviction reported in American history, three times as heavy as the one inflicted upon Pfizer company in 2009 for fraudulent commercial practices. These sums, however, account for just the profits made by the giant petroleum company in the third quarter of 2012 (5.2 billion USD).
BP’s ordeal is not over, though, with civil proceedings still pending which will culminate in further payments of damages for the Federal State and local authorities. The “Clean Water Act” stipulates that for each barrel of oil contaminating the sea, 1100 to 4300 USD shall be paid, which means that BP will have to disburse an additional sum of 21 billion USD. The company has already ceded 35 billion USD of its assets to face these challenges.
