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BP Going To Court To Lower Fines On Oil Spill Damages

British Petroleum is now going to court to fight a bid to legally force it to waive a $75 million statutory cap.

Lawyers for local businesses and individuals filed a motion this month asking U.S. District Judge Carl Barbier, who is overseeing the oil-spill litigation in New Orleans, to rule that a cap is inapplicable in this case.

Noting that BP itself had told the court it would waive the cap, the plaintiffs’ lawyers asked Barbier to rule on the matter to preclude BP from “re-urging this defense” in the future. Earlier this month, BP raised its estimated cost of cleaning up the Macondo disaster by $7.7 billion to $40 billion.

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BP Says “Static Kill” Working To Stop Oil

BP PLC released a statement saying that workers have ceased the pumping of mud into the fractured well because it appears to be working. The “static kill” operation lasted eight hours and now BP is watching the well to make sure it remains stable.

“It’s a milestone,” BP spokeswoman Sheila Williams said. “It’s a step toward the killing of the well.” The next step would be deciding whether to cement the well, Williams said.

The pressure in the well dropped quickly in the first hour and a half of the operation yesterday ,which well site leader Bob Bolton said was a sign that everything was going as planned.

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Hurricane Alex to Hinder Oil Spill Cleanup

Can you believe it? We have hit day 71 of the tragic oil spill that continues to pump up to 60,000 barrels of crude a day into the Gulf. And now containment efforts are being threatened by Hurricane Alex, the season’s first tropical storm predicted to turn hurricane strength later today. Giant wind gusts and turbulant seas will have a huge impact on the clean-up and containment efforts.

Alex has already claimed the lives of at least 10 people in Nicaragua, Guatemala and El Salvador.

BP says the leak will be plugged completly by August. Alex was forecast to move slowly away from the Yucatan Peninsula over southern Gulf waters and head northwest away from major oil-extraction facilities and is expected to hit northern Mexico mid-week.

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Brad Pitt to Make BP Oil Spill Movie

If you think the BP oil fiasco hasn’t been dramatic enough – Brad Pitt thinks he can bring more drama by bringing it to the big screen. The thing that’s a bit confusing is usually a story arch has a beginning, a middle and an end. So far, the crisis in the golf hasn’t seen the end.

Sources are saying that Pitt is talking with Hollywood execs about creating a Gulf oil spill movie. No word on whether the flick has been green lit by execs.

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BP Stock Drops to New Low as Oil Spill Cleanup Bills Mount

Today, the financial effect of the catastrophic disaster that is the BP oil spill in the Gulf of Mexico began to rear its ugly head when BP’s stock plummeted to a 14-year low.

Moreover, those who have their livlihoods at stake, including fishermen, businesses and property owners have complained that their claims have seen huge delays, excessive paperwork and poor payouts that have put them on the edge of bankruptcy.

Stock has plummeted today, making the oil giant valued less than its assets since  investors deserted BP amid fears that the company might be forced into bankruptcy with the  mounting cleanup costs, penalties, damage claims and lawsuits generated by the biggest oil spill in U.S. history.

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BP Rejects James Cameron’s Help with Oil Spill

Director James Cameron has engineered robotic devices that been a lot tricker than the issue BP is facing one mile below the ocean’s surface. The Bismarck was 2 miles down, the Titanic 2.5, but it turns out BP won’t be using any of Cameron’s ideas. 

“Over the last few weeks I’ve watched, as we all have, with growing horror and heartache, watching what’s happening in the Gulf and thinking those morons don’t know what they’re doing,” Cameron said at the All Things Digital technology conference.

Cameron said he has offered to help the government and BP in dealing with the spill, but was “graciously” turned away.

Cameron suggested the U.S. government needed to take a more active role in monitoring the underwater leak, which has become the worst oil spill in U.S. history.

“I know really, really, really smart people that work typically at depths much greater than what that well is at,” Cameron said.

Meanwhile, a BP exec is under fire after he said in an interview that he “just wants his life back.”

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