On July 14th, oil giant BP announced that they had finally finished their calculations and the final estimate for costs of the 2010 Deepwater Horizon oil spill would likely hit $62 billion. This cost includes all of the settlements and lawsuits from individuals, lawsuits from cities and states, federal lawsuits, and civil penalties and cleanup costs.
According to reports, the “after tax” total is closer to $44 billion, still a massive sum to pay out for any company.
Nearly every article available discussing these payments deals with the business impacts and market value of the company. The Washington Post says that the company has lost 1/3 of their market size as a result of the spill, which was about $180 billion before the disaster.
Lip service is paid to the victims of the spill and the long-lasting effects that the disaster had on the Gulf of Mexico, and one vital fact has been missing completely from the analysis: Taxpayers are the ones who are really getting screwed with this deal.