Monday, June 7, 2010

Oil Spill Fine Estimate | $ 1.5 Billion | Updated

Clean Water Act, CWA, Florida Oil Spill
Huge Potential Fine for Oil Pollution?
We have spent some time calculating the potential fines for the big oil spill for violations of the Clean Water Act (CWA). We have assumed 504,000 gallons per day have flowed as of 9:29 pm EST on June 7, 2010. That means that around 22,000,000 Gallons have been spewed into out Gulf of Mexico so far. At 42 Gallons per barrel, and a $3,000 per Barrel fine under the CWA, and 523,809 Barrels;

We estimate the Potential Current Fine is $1,571,428,571.42 . If the Oil stopped flowing 15 minutes ago (it didn't).

Update: MSNBC reported on June 11, 2010 "[the oil giant multinational corporation], which generated $16.6 billion in profits last year, has not cut its dividend in 18 years."