The Obama administration claims BP will be responsible for the full cost of the cleanup. However, given the enormous power exerted by big oil over Washington, this is unlikely. In the case of the Exxon Valdez oil spill in Alaska, up to that point the worst environmental disaster in US history, the oil giant successfully appealed damage awards to the Supreme Court. Ultimately it was ruled liable for the derisory sum of $507 million, equivalent to a few days’ profit for Exxon. As for the clean-up costs, the company recovered a significant portion through insurance claims.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Friday, April 30, 2010
Gulf oil spill threatens economic, environmental catastrophe
from World Socialist Web Site.