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[LeoLeonardoIII]

It's hard to boycott an oil company because their oil can be sold to whoever and used for whatever.

I think you'd see violence instead. Then again, Bhopal is effectively ignored now, so what do I know?

I wouldn't put it past them to greatly inflate their costs, though, to put some numbers behind their feigned contrition.

[RedKing]

I wouldn't put it past them to greatly inflate their costs, though, to put some numbers behind their feigned contrition.

That thought did occur to me, although I don't doubt they've burned through a few hundred million at least.

[LeoLeonardoIII]

For one thing, did they include the cost of the rig itself? The rescue effort of the crew? Those things have nothing to do with cleanup of the spill, and while they are costs that BP should carry, paying them doesn't do anything for the environmental disaster.

[Nonsapient]

For one thing, did they include the cost of the rig itself? The rescue effort of the crew? Those things have nothing to do with cleanup of the spill, and while they are costs that BP should carry, paying them doesn't do anything for the environmental disaster.

They probably have insurance paying on that. 

[LeoLeonardoIII]

For one thing, did they include the cost of the rig itself? The rescue effort of the crew? Those things have nothing to do with cleanup of the spill, and while they are costs that BP should carry, paying them doesn't do anything for the environmental disaster.

They probably have insurance paying on that. 

Oh good point.

[The Architect]

One wonders what insurance is available for those things. And why you'd want it. Considering the rarity of these events, and the fact that BP is such a large company, it would be much cheaper for them to pay themselves than fund someone else to insure them.

Even if they are insured, the insurance company couldn't possibly be willing to pay out until the cause has been determined. The investigation is still underway. So BP has no doubt payed out-of-pocket for this so far.

The other questions are still quite valid, though: if they are insured, the insurance hasn't kicked in yet so they can claim a loss of that amount even though it will be repaid. They also have no internal integrity, so I strongly doubt that they'd have the external integrity to post their real numbers. I'm sure everyone is guarding their own pockets and public image with cost estimates, just as they are doing with estimates of oil flow.

[Aqizzar]

All companies insure everything they own all the time.  It has nothing to do with absorbing losses.  It's about proving solvency to creditors and investors, because most banks and fund brokers won't even touch a company that doesn't insure all its assets.  They have to know that if something catastrophic happens, the burned up loans and investments will be accounted for by the company's insurance.

Many companies even take out life insurance policies on their employees.  Heck, as we found out during the financial collapse, a fair number of companies even take out policies on the continued existence of their competitors, because corporations can do that, and it's an extra financial incentive to put the opponent out of business.

As for whether and what has been paid out, I'm sure it runs the whole gamut of business law.  But the point is, yes they have insurance, because most companies don't just keep piles of cash laying around in case something bad happens.  They pay insurance premiums - that way they don't have to hold onto a fund big enough to cover expenses they can't possibly calculate; they just let the insurance take care of the loss.

[blackmagechill]

Mass it all together in a holding tank using tubes and destroy the liquid FB. You know that's what it is.

[LeoLeonardoIII]

Good points Aqizzar. I had forgotten about the "dead peasant" insurance ;P

And blackmagechill ... I don't understand?

[alway]

Heard today on NPR that a few tar-balls, suspected (but not confirmed by lab tests yet) to come from the oil slick, were found in the Florida Keys. Seems it made it to the Gulf Loop Current.

[Aqizzar]

Well, I remember hearing a few days ago that it was expected to reach the Current in about a week.  Here's a giant scary picture that might be it.  Could be any day now, yeah.

[smjjames]

Look at the 'tail' I think the loop current has already caught it, or at least part of it. ANY oil getting into that current would be a disaster, even if its a small portion of it.

[LeoLeonardoIII]

The CLOUDS CLOUDS will stop it!

[Helmaroc]

Re: There's a Hole in the Bottom of the Sea

...

Yar, and 'pon me wooden leg, thar be th' c'rse we set! To the verrry heart of th' briny deeps we go, for glory, and TREASURE!

I wonder how hard it would be to send out a ship and fill up a tank, and bring it to back to sell in Somalia?

[Grakelin]

Re: There's a Hole in the Bottom of the Sea

...

Yar, and 'pon me wooden leg, thar be th' c'rse we set! To the verrry heart of th' briny deeps we go, for glory, and TREASURE!

I wonder how hard it would be to send out a ship and fill up a tank, and bring it to back to sell in Somalia?

I think you're onto something. Let's get some pirates in there to ransom the oil!