The second phase of the trial to determine how much more money BP owes for its Gulf spill begins today. Here’s what you need to know:
1. Phase two of the trial will cover how much oil BP actually discharged into the Gulf of Mexico as well as the effort to cap the well. (Remember the summer of “junk shots” and “top kills?”)
BP says the U.S. government’s estimate of 4.9 million barrels of oil is based on “faulty assumptions.” BP says they spilled ONLY about 2.45 million barrels. BP’s estimate of a lower volume is based on the work of London-based professor Martin Blunt, who *ahem* used to work for BP. Either way, that’s a lot of oil, so why the fuss? Penalties for discharging oil (a violation of the Clean Water Act) are based on the amount of oil discharged. A lower volume means a lower penalty—potentially around $7 billion less.
(Click here for an overview of all phases of the trial.)