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BP Says Spill Settlement Terms Are Too Generous
In the eight months since Kenneth R. Feinberg took over the $20 billion fund to compensate victims of the Gulf of Mexico oil spill, he has been attacked by many of those filing claims and by coastal state politicians who argue that the process is opaque, arbitrary and slow. Many of them have also argued that Mr. Feinberg’s recently published estimates of future damage to those in the gulf are too optimistic, and thus his offer of compensation in a final settlement is too low.
Now he is getting complaints from another quarter: BP.
The oil giant is arguing that if anything, Mr. Feinberg’s proposed settlements are too generous. The planned payments far exceed the extent of likely future damages because they overstate the potential for future losses, the company insists in a strongly worded 24-page document that was posted on the fund’s Web site Thursday morning.
Basing its estimates on much of the same data Mr. Feinberg used, the company concluded that there was “no credible support for adopting an artificially high future loss factor based purely on the inherent degree of uncertainty in predicting the future and on the mere possibility that future harm might occur.”
(AP) Oil giant BP says it has spent more than $5 million a week on advertising since the Gulf Coast oil spill — more than three times the amount it spent on ads during the same period last year.
BP says it aired fewer TV spots from April to July than during a similar period last year, but a greater percentage were on national TV and for 60 seconds instead of 30 seconds.
Rep. Kathy Castor, D-Fla., who requested the report on BP's spending, said Wednesday she was disappointed that the oil company has spent more money "polishing the corporate image" than on helping Gulf Coast states recover from the April 20 explosion and oil spill. BP said it has spent $89.5 million in grants to four Gulf Coast states — Florida, Alabama, Mississippi, and Louisiana — to promote tourism in the wake of the oil spill.