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"A Bidding War For Recovered BP Oil: Why Not A Carrot Instead Of A Stick?"

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Everyday we awaken to more disheartening news about the BP oil spill. BP executives attempt to appear sympathetic about this disaster, saying that they will "make it right". A common theme is emerging: initially, BP executives describe things in the most positive light, stating "minimal effect on the environment" and later: "Now that the cap is in place, a trickle of oil remains"".


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Then external observers, including scientists and engineers, provide a very different assessment. The initial flow rate was far more than that initially described by BP, and the amount of oil "trickling" from the cap is hardly a trickle more akin to periodic geysers.

Blame is being assigned broadly, to BP itself to federal regulators to President Obama. The "$75 million liability limit" has been given much attention; now it is recognized that liability and damages will likely be in the billion dollar range.

BP's CEO has indicated that they will pay investors well over $10 billion this year in dividends for shares in the company, so a $1 billion penalty would be a relative "slap on the wrist" in response to this environmental disaster.

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Jeffrey H. Toney is Dean of the College of Natural, Applied and Health Sciences at Kean University and is a Trusted Author at OpEdNews. He received a B.S. in Chemistry at the University of Virginia and an M.S. and Ph.D. in Chemistry at Northwestern (more...)
 
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