BP Pressed To Pay For Oil Spill, Prices May Jump For Consumer Goods

The Obama administration is promising to make BP foot the bill for the massive Gulf Coast oil spill, but it may not be as simple as it sounds.

Foreseeing a new outbreak of bailout rage, the president's been adamant BP will be handed the bill. The administration is keeping track of cleanup costs.

But while the law passed after the Exxon Valdez spill makes the oil company liable for cleanup costs, it sets a cap of $75 million for other kinds of damage. The damage to Gulf fishermen, the tourist trade and other industries is likely to go well beyond that.

Some lawmakers have introduced a bill to raise the limit to 10 billion, but that would not apply retroactively.

Meanwhile, the tentacles of the Gulf of Mexico oil spill could reach beyond the coast to just about anyone who drinks coffee, eats shrimp, likes bananas or plans to buy tires.

The slick has forced the shutdown of the gulf's rich fishing grounds and could spread to the busy shipping lanes, tying up the cargo vessels and driving up the price of many commodities.

Though a total shutdown of the shipping lanes is unlikely, there could be long delays if vessels are forced to wait to have their oil-coated hulls power-washed to avoid contaminating the Mississippi.

Some cargo ships might choose to unload somewhere else in the U.S. That could drive up costs.

Scientists say the oil spill could reach the Loop Current in a day. Experts say it's similar to a "conveyor belt," sweeping around the Gulf.

If that happens, it likely will end up in the Florida Keys and continue east into the Gulf Stream. An oceanographer at the University of Miami says the oil could affect Florida's beaches, coral reefs, fisheries and ecosystem within a week.

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  • by Anonymous on May 5, 2010 at 07:37 AM
    Comeon: Goldman-Sachs, the one being investigated are the ones who donated the money. The Republicans are fighting the bill because it gives the government more control. The Obama administration wants everything to be government run. This whole situation we are in now reminds me of some 70's or 80's sci-fi movie where the whole world is controlled by one government and there are no more freedoms.
  • by Comeon Location: Washington on May 4, 2010 at 09:27 PM
    Anon. If Obama owes Wall Street so much, why are the Reps. fighting his bill for more regulation-sorry, doesn't compute.
  • by ted Location: Greenville on May 4, 2010 at 04:56 PM
    anonymous at 5:54......are you suggesting that the Obama Administration "not" go after them? Either way, prices will go up, hopefully not as much as they were 2 yrs. ago without a crisis to the Oil companies.
  • by Anonymous on May 4, 2010 at 02:54 PM
    Lonnie, you mean the the same Wall Street crooks that donated most of the money to Obamas campaign? Is it any worse than people going to the streets chanting "change baby change"? Still waiting on the change he promised. As OSOC said we will all pay for this one way or another. The Obama administration will go after them for everything causing a rise in oil prices.
  • by Obama Snake Oil Co Location: Washington on May 4, 2010 at 12:33 PM
    Wood, http://www.ftapeople.net/forums/showthread.php?t=45406 I don't think we can be sure of anything, however, note, Obama sent Swat teams to the other rigs to protect them. That is backed by Fox and others. He knows something, however, nothing will come out till after the investigation. I will say this just doesn't happen, someone had to destroy it. My older brother spent most of his life on the rigs there...he said it has only happened a couple of times and those resulted in safety equipment added to prevent any chance of it happening again. When the story is exposed, we will find someone blew it up.
  • by Wood on May 4, 2010 at 11:40 AM
    Have any of you heard the "con" theory that North Korea attacked the oil rig? Suppose to be a media black out on this maybe that is why it took so long for a response and action.
  • by Anonymous on May 4, 2010 at 11:20 AM
    I guess what i wanted to comment will not be put on because theres too much truth behind it.America,we need to find out who or how this happened. We WILL be independeat.
  • by Paul Location: Greenville on May 4, 2010 at 10:17 AM
    OSO - you hit the nail on the head. In case those libtards have not figured it out, a dollar is not worth much in the current world economy.
  • by scooby Location: greenville on May 4, 2010 at 10:04 AM
    We all know that it will be the working people that will ultimately pay for the oil spill cleanup via the way of much higher gas prices at the pump. Knowing the way all of the gas stations work here in Greenville, the prices should start rising before the weekend if they haven't already. What a bunch of crooks they all are.
  • by Lonnie Ray Mackneal Location: Oriental on May 4, 2010 at 09:22 AM
    Memo to BP: "Clean Baby, Clean!" I don't want to see one penny of US tax dollars spent to make the fishing and tourism industry whole for this screw up. How 'bout it Teabaggers.. where is your concern about gubmint spending now? Are you going to be silent about Corporate oil the same way you are about Corporate Wall Street theivry?? Unless you are the hyppocrites most true Americans now recognize you to be, let's listen for the Teabaggers when they take to the streets and chant to BP, "Clean Baby Clean!"
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