Don't Depend on Government to Help with BP Oil Spill Damages
Posted on behalf of Phillips Law Group on May 10, 2010 in Class Action Lawsuits
The BP oil spill in the Gulf of Mexico has led to a frenzy of activity on several fronts in regards to the businesses in the Gulf of Mexico region that will be harmed greatly when the spill reaches land. In many cases, such as with commercial fishermen, the damage has already been done, and the spill will continue to devastate several industries for an undetermined amount of time. While lawmakers are scrambling to hold BP accountable for this disaster and BP itself has stated that it intends to pay for the damages, there are facts in existence that should tell anyone who has been or is about to be harmed in a business sense by this spill to take action and to find a BP oil spill lawyer.
BP Oil Spill - Legal Cap on Economic Damages
It's possible that one of the reasons that BP executives have stated that they will pay for the damages caused by this oil spill is because the Oil Pollution Act of 1990, which was passed on the heels of the Exxon Valdez disaster in Alaska, caps the amount of economic damages that a liable party must pay for this sort of disaster at $75 million. If that's the extent of liability that BP would face, there is little risk in stating that they will cover damages. In response to this damages cap, both President Obama and several members of Congress have stated that they will attempt to move that cap to $10 billion. However, even that may not be enough.
Estimates on Actual Legal Damages Caused by BP
While estimates can and do vary in these situations, one common number that's being offered as an estimate to the damages caused by this BP Oil spill is $14 billion. Presumably, this number would cover the cost of the cleanup of the spill, the cost of preventative measures taken and the cost of damages suffered by people who have had their business operations interrupted or even destroyed by this catastrophe. Even if the new cap is somehow passed, it appears that it will not cover the losses incurred by innocent residents and business owners in the Gulf of Mexico region.
Therefore, if you are faced with the prospect of suffering losses to your business because of the BP oil spill, do not wait for others to attempt to handle the issue. Instead, contact the BP oil spill lawyers at Phillips Law Group today to schedule a free initial consultation, as the firm is not delaying in its efforts to hold BP accountable for this disaster.