Five questions answered on… BP's record fine for Deepwater Horizon

The oil giant's in giant trouble.

How much does BP have to pay in the settlement? 

The oil giant pleaded guilty to the manslaughter of 11 men during the 2010 spill and have been ordered to pay $4.5bn (£2.8bn) to the US authorities. 

How much has the oil spill cost BP altogether? 

After this latest settlement it is estimated the biggest oil spill disaster in America’s history has caused the offending company £43bn. 

However, there is also a civil case that remains unresolved accusing BP of gross negligence, which if BP are found guilty it will no doubt have to pay out even more. 

What about the manslaughter charges?

BP has pleaded guilty to the manslaughter of 11 men. The Department of Justice has also charged BP’s two highest-ranking supervisors on the Deepwater Horizon, Robert Kaluza and Donald Vidrine, with manslaughter, negligence and gross negligence.

Also, David Rainy a former senior BP executive who served as deputy commander during the spill has been arrested for allegedly underestimating the spill. 

BP will also plead guilty to two criminal misdemeanor counts over the spill and to a criminal felony charge of obstructing Congress by lying about the amount of leaking from the Macondo well. 

What have officials said about the settlement? 

The Telegraph report that the New Orleans assistant attorney general Lanny Breuer said:

“Perhaps the greatest tragedy is that the deaths of the 11 men on board the Deepwater Horizon could have been avoided. As the oil spill continued, BP made a tragic situation worse: it began misleading Congress and the American people about how much oil was pouring out of the Macondo well.”

What has BP said? 

BP chief executive Bob Dudley said:

“All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region.

“We apologise for our role in the accident and, as today’s resolution with the US government further reflects, we have accepted responsibility for our actions.”

Deepwater Horizon burns in 2010. Photograph: Getty Images

Heidi Vella is a features writer for Nridigital.com

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John Major's double warning for Theresa May

The former Tory Prime Minister broke his silence with a very loud rebuke. 

A month after the Prime Minister stood in Chatham House to set out plans for free trading, independent Britain, her predecessor John Major took the floor to puncture what he called "cheap rhetoric".

Standing to attention like a weather forecaster, the former Tory Prime Minister warned of political gales ahead that could break up the union, rattle Brexit negotiations and rot the bonds of trust between politicians and the public even further.

Major said that as he had been on the losing side of the referendum, he had kept silent since June:

“This evening I don't wish to argue that the European Union is perfect, plainly it isn't. Nor do I deny the economy has been more tranquil than expected since the decision to leave was taken. 

“But I do observe that we haven't yet left the European Union. And I watch with growing concern  that the British people have been led to expect a future that seems to be unreal and over-optimistic.”

A seasoned EU negotiator himself, he warned that achieving a trade deal within two years after triggering Article 50 was highly unlikely. Meanwhile, in foreign policy, a UK that abandoned the EU would have to become more dependent on an unpalatable Trumpian United States.

Like Tony Blair, another previous Prime Minister turned Brexit commentator, Major reminded the current occupant of No.10 that 48 per cent of the country voted Remain, and that opinion might “evolve” as the reality of Brexit became clear.

Unlike Blair, he did not call for a second referendum, stressing instead the role of Parliament. But neither did he rule it out.

That was the first warning. 

But it may be Major's second warning that turns out to be the most prescient. Major praised Theresa May's social policy, which he likened to his dream of a “classless society”. He focused his ire instead on those Brexiteers whose promises “are inflated beyond any reasonable expectation of delivery”. 

The Prime Minister understood this, he claimed, but at some point in the Brexit negotiations she will have to confront those who wish for total disengagement from Europe.

“Although today they be allies of the Prime Minister, the risk is tomorrow they may not,” he warned.

For these Brexiteers, the outcome of the Article 50 negotiations did not matter, he suggested, because they were already ideologically committed to an uncompromising version of free trade:

“Some of the most committed Brexit supporters wish to have a clean break and trade only under World Trade Organisation rules. This would include tariffs on goods with nothing to help services. This would not be a panacea for the UK  - it would be the worst possible outcome. 

“But to those who wish to see us go back to a deregulated low cost enterprise economy, it is an attractive option, and wholly consistent with their philosophy.”

There was, he argued, a choice to be made about the foundations of the economic model: “We cannot move to a radical enterprise economy without moving away from a welfare state. 

“Such a direction of policy, once understood by the public, would never command support.”

Major's view of Brexit seems to be a slow-motion car crash, but one where zealous free marketeers like Daniel Hannan are screaming “faster, faster”, on speaker phone. At the end of the day, it is the mainstream Tory party that will bear the brunt of the collision. 

Asked at the end of his speech whether he, like Margaret Thatcher during his premiership, was being a backseat driver, he cracked a smile. 

“I would have been very happy for Margaret to make one speech every eight months,” he said. As for today? No doubt Theresa May will be pleased to hear he is planning another speech on Scotland soon. 

Julia Rampen is the editor of The Staggers, The New Statesman's online rolling politics blog. She was previously deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines.