Gulf of Mexico Oil Spill, liability cap to be increased to $1 billion
It was recently that Television shows like 60 Minutes and Saturday Night Live took up the topic and targeted the company.
IT HAS been almost a month after the Oil spill, leading Gulf of Mexico to a massive oil slick threatening. BP, who ordered for fast drilling, is spending about $1 million everyday and is still extracting oil behind the schedule.
It was recently that Television shows like 60 Minutes and Saturday Night Live took up the topic and targeted the company. There has also been the discovery of plumes of oil 10 miles long and one mile wide making their way to the surface. These plums have been diluted with the use of dispersants. On the other hand the US Senate Majority leader Harry Reid said that a proposed cap of $10 billion in liability for the oil companies to cover damages from the oil spill is inadequate. Democrats have introduced legislation that would raise the liability cap to it as they considered that the existing cap of $75 million is insufficient.
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