You Can Bet Your BP.

Posted By Cliff Tuttle | May 31, 2010

Old joke, new meaning. But this time its not funny.

The oil leak in the Gulf has already reached catastrophic size and it is gradually dawning on the world that we do not know its limits.  The pool of oil that is now pluming into the oceans of the world (they are all connected, you know) is incredibly large. Some estimate it is discharging 5,000 barrels per day. It has been 40 days, so that would make 200,000 barrels and counting.  No one is saying what the potential worst case scenario could be.  Or how long it will take to clean it up, if ever, or restore the damage, if ever.

Does it make you feel better to know that BP and its engineers are publicly seeking technical proposals from anyone in the  world?  Did you know that consideration is being given in some quarters to plugging the leak with nuclear weapons?

Even if the funnel works (time line 4 – 7 days) or if the the relief wells work (time line August) this will still be the biggest environmental disaster in American history.

I’ll bet you a month of lunches that this turns out to be the number one news story of 2010.  Its impact will be felt for decades and it will change the course of American and world history in ways yet to be determined.  And once the full extent of the tort claims are known, is is very likely that BP America will become one of the largest — if not the largest — bankruptcy cases of all time.  You can bet your BP on that one.

CLT

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CLIFF TUTTLE has been a Pennsylvania lawyer for over 45 years and (inter alia) is a real estate litigator and legal writer. The posts in this blog are intended to provide general information about legal topics of interest to lawyers and consumers with a Pittsburgh and Western Pennsylvania focus. However, this information does not constitute legal advice and there is no lawyer-client relationship created when you read this blog. You are encouraged to leave comments but be aware that posted comments can be read by others. If you wish to contact me in privacy, please use the Contact Form located immediately below this message. I will reply promptly and in strict confidence.

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