Okay, the good news: British Petroleum, in compliance with Judge Barbier has given their official decision on whether they will or will not seek to use the $75 million dollar liability cap as a way to contain the financial bleeding. They have opted to fulfill at least one promise and not use the cap. They will pay all judgments made against them in full.
The bad news: per BP’s obvious legal right, a large number of lawyers on their payroll will do everything they can to ensure those judgments are as small as possible, and take as long as possible to get to anyone’s bank account. And speaking of people in oil spill limbo, did you catch that article about how the charities are struggling to make ends meet due to the 25% sustained upkeep in need for food and housing assistance since the spill, those same charities that asked BP for help back in June and are still waiting, those same charities that wouldn’t be having this problem were it not for BP’s catastraphuk? Those same charities certainly have not been made right by any stretch, nor have the people who now depend on them, and due to Feinberg and the long legal process (that won’t have a $75 million dollar liability cap), apparently they will be waiting for a long time to come.
The good news: more waters are being opened for fishing, both sport and commercial by the NOAA.
The bad news: While these announcements by the NOAA’s Jane Lubchenco make for good, positive headlines in the newspapers, they also only tell half the story. In no small part due to the way this Gulf Coast Story has been handled, the government’s credibility is low. Between the misinformation from Thad Allen, the controversy about low-balled estimates of flow rates from the well and the pie in the sky oil chart fiasco people are understandably skeptical about government announcements on safety, which of course means people are skeptical about seafood pulled from the Gulf’s waters, which in turn means the market price for said seafood is very low. When a large percentage of the fishermen in the Gulf think the NOAA is full of shit, how is it we are supposed to have confidence in the government’s confidence?
Which brings us back to more bad news:
The people still getting screwed in the Gulf Coast are getting it from BP and the government’s slow legal proceedings – cap or no cap. They’re getting it from the still-slow rate of payout by Feinberg. The charities these people have had to rely on in ways they previously haven’t are getting screwed because BP is still not making it right, thus the charities are not as able to serve the people in need. The NOAA tries to downplay the ecological trouble by making grand pronouncements that don’t help market prices and only further erode their credibility in the eyes of most everyone who is paying attention.
And now that the six month milestone of the Deepwater Horizon explosion has come and gone, the Gulf Coast won’t get much press until Christmas when AP and CNN will do their “how are the holiday families faring” stories.
Man, this has been a negative six hundred words, even for me…
Okay, good news:
Did you read the one about the summit of conservative donors, who are getting together to figure out how to further erode any chance at doing anything about global warming, disparity between rich and poor, consolidation of resources…etc…
Check it out…it’s a hoot!
Have a nice day.