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BP Liability

Discussion in 'Political Discussion' started by PatsFanInVa, May 27, 2010.

  1. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    Should BP be liable for the full cost of the environmental damage caused by the gulf disaster?

    I think they should.

    What do you think?

    PFnV
     
  2. MrSparkle

    MrSparkle Third String But Playing on Special Teams

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    Ethically, yes.

    Legally, IDK. From what I understand there is some ridiculously low amount of money they are responsible for. 75 million or so, seems to me they are well beyond that already.

    What are you suggesting?
     
  3. chicowalker

    chicowalker Pro Bowl Player

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    Yes

    (I believe mrsparkles is right about the law, but I'm assuming you're not asking for interpretation of current law. That law is yet another example if the myriad subsidies and loopholes that our government offers certain companies, to go along with the myriad unnecessary regulations it imposes on other companies.

    It is, imo, garbage. But, hey, drill baby drill!)
     
  4. cupofjoe1962

    cupofjoe1962 In the Starting Line-Up

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    I think BP should pay for the entire cost of the cleanup.

    I also think it is about time Obama stops sitting on his hands and does
    something to address this issue. A second tour of the spill get's
    nothing done.

    Find the best way to stop the leak and do it.
    Send the bill to BP.

    If they don't want to pay.... tell them we will no longer allow them
    to do business in America, until they pay for the entire cleanup.

    If my suggestion is not legal.... Change the law, the constitution or
    whatever needs to be changed.

    I am tired of picking up the tab for business mistakes.
     
  5. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

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    It's a double edged sword. On one hand we scream and cry to these comapnies for cheap oil, in order to give us that they need protection in the form of liability caps to deliver that cheap oil.

    If we were to put BP out of business with lawsuits, were looking at 10.00 a gallon.

    They should have to pay for 100% of the cleanup, and restoration, and the 75 million dollar cap should be applied solely to the lawsuits brought forth to them do to destruction of property.
     
  6. apple strudel

    apple strudel Banned

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    Unequivocally yes. To the extent that BP ceases to exist as a profit-making entity, if necessary. Sue them to Bolivia!
     
  7. apple strudel

    apple strudel Banned

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    How so? Sounds like one of those fear tactics that businesses throw out there.
     
  8. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

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    Supply and Demand...

    One of the largest producers of Oil is removed from the Market... demand will exceed supply.

    Basic economics.

    You could then say other companies would then purchase those wells and equipment used to transport... which is true, but you would have a logistical transition period where the supply chain isn't as efficient as it once was, causing an increase in price.
     
  9. apple strudel

    apple strudel Banned

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    It doesn't add up - other oil companies will gobble up all the BP properties as eagerly as if Saudi Arabia was selling all of its oil fields. The supply might see a dip, but then it would continue apace. Come on. Also, BP would be producing throughout the duration of any and all lawsuits.
     
    Last edited: May 27, 2010
  10. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

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    Whatever you want to pretend the result would be doesn't make it true.

    It would take months to sell off the refineries, and transition all the massive factories and ships, and everything else to other companies.

    Your correct that eventually the price would settle back to normal levels once the supply chain is restored to today's current levels.
     
    Last edited: May 27, 2010
  11. apple strudel

    apple strudel Banned

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    So you're saying that any increase would be temporary and that you just made up the $10 a gallon number. Good to know. (Kind of minimizes the argument, you know.)
     
  12. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

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    I assumed we were debating based on the fact that price is never a consistent thing.
     
  13. apple strudel

    apple strudel Banned

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    Prices obviously fluctuate, but you also see stretches of long term stability. BP going out of business has no impact on the total supply of oil available to oil companies, no permanent impact on companies' overall ability to extract the oil, and only a short term impact on supply during any transition period. As a result, BP going out of business should not have a catastrophic long term impact on oil prices. So it's not really much of a problem. (And that's not even taking into account OPEC's ability to influence prices by increasing production.)
     
  14. chicowalker

    chicowalker Pro Bowl Player

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    McGraw, there's no reason BP wouldn't continue to operate normally during an asset sale and/or bankruptcy

    if anything, I would think the timing issue wrt supply would be reversed -- if offshore drilling in the US makes up any substantial amount of the oil supply (I doubt it does, but I don't know), that component could decrease due to the increased risks from removing a cap on liability

    As for your proposal, why should a fisherman whose livelihood goes away not be fully compensated by BP? Should our government compensate that fisherman? If so, we're essentially back to another corporate bailout, right?
     
  15. mcgraw_wv

    mcgraw_wv In the Starting Line-Up

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    No one promises me today, a job that will always be there. Who do I sue when corporations send my job overseas? Who do the fisherman sue when they themselves over fish and there are no fish left? Who do they sue when a Hurricane destroys 14 oil rigs and the entire Gulf is oil?

    I don't think you should be able to sue becuase you can't do your job anymore, when everyone else has that same fear, and their is no ability to sue.
     
  16. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    Anyone who thinks there should be a cap on liability in this or any corporate case is just carrying water for the ultra-rich and needs to take some time to think about what they're saying.

    BP or, as they used to be known as "British Petroleum" is a foreign-based multinational company and they should pay the price or not be allowed to operate in the US anymore. They are the fourth largest corporation on the planet and the largest one in Britain. Exactly when does our debt to England begin and end here? What do we owe BP? Haven't they profited plenty from our natural resources? What are we?...a third-world colonial beetch?

    Politics will play into how this gets paid, and I don't want to be the ones who bail out England or her corporations AGAIN. If this rig was operated by a Chinese company, could you imagine the outrage?

    I say fu(k BP and make them pay every dime that came out of American pockets because they decided to (and we let them) drill on the cheap.
     
  17. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    If they followed the law and regulations they should pay according to what the law requires.

    I don't think you can change the law (ie the rules) after the fact to punish someone or company.
     
  18. chicowalker

    chicowalker Pro Bowl Player

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    none of those examples is at all comparable.

    This isn't about fear or any "right" to do a job -- it's 3rd parties being damaged by another party doing their job, and possibly being negligent in doing so.

    BP is causing myriad 3rd parties damages. A cap not only is arbitrary but also frees them from their responsibility for those damages. What happened to individual responsibility -- even though corporations are "citizens," they should exempt from responsibility for their actions?
     
  19. chicowalker

    chicowalker Pro Bowl Player

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    agreed -- but the law should now be changed
     
  20. apple strudel

    apple strudel Banned

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    Pretty much.
     

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