BP (LON: BP) Oil Spill Settlement Stalls

Brian Hicks

Written By Brian Hicks

Posted October 2, 2012

BP’s (LON: BP) oil spill drama continues. Talks over a settlement between BP and the U.S. government have hit a standstill as the government insists BP must pay at least $18 billion.

The British newspaper, the Sunday Times, remarked that if BP is found grossly negligent under the Clean Water Act, then the company would have to cough up between $18 to $21 billion.

BP, of course, has achieved notoriety for having consistently denied any liability in what has become the U.S.’s worst offshore environmental disaster.

BP’s board is undecided over whether it will indeed pay $18 billion or continue pushing for a settlement at $15 billion, Reuters reported. Either way, it’ll be better than the reported $25 billion that some reports back in July suggested the U.S. was seeking. A final outcome may not occur until next year.

BP closed down 0.12 percent to 438.04 pence sterling in London on Tuesday after falling to 433.65 early in the day.

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