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snowy owl

(2,145 posts)
Fri May 13, 2016, 06:28 PM May 2016

No oil spill discussion? I wonder if Shell will profit more from spill than oil on market?

More oil in Gulf of Mexico this morning. Apparently leaking from pipes. 90,000 gallons. Maybe not so big but it has to stop.

http://thinkprogress.org/climate/2016/05/13/3778155/shell-gulf-spill/


A Shell oil facility has leaked nearly 90,000 gallons of oil into the Gulf of Mexico, according to federal authorities. The spill has left a two-mile by thirteen-mile sheen in the Gulf, approximately 165 miles southwest of New Orleans. A helicopter first noticed the spill near Shell’s Brutus platform on Thursday morning, according to Shell spokeswoman Kimberly Windon.


Local activists, however, are unconvinced by reports that the spill is over. The spill occurred a little less than 100 miles due south of Lousiana’s Terrebonne Parish, which is home to one of the country’s largest communities of Houma Native Americans, who still depend on subsistence lifestyles. If the spill impacts marine life, or washes ashore, it’s likely that these communities might be some of the first impacted.


I wonder if the spill won't actually bring a greater benefit to Shell than putting that oil on the market at today's prices.

http://www.forbes.com/sites/robertwood/2015/10/06/bps-20-8-billion-gulf-spill-settlement-nets-15-3-billion-tax-write-off/#31113ea371a6

The government’s $20.8 billion out-of-court settlement with BP would resolve the charges related to the Gulf Oil spill. You might assume a fine of this nature is serious enough not to be tax deductible. But BP should be able to write off the vast majority, a whopping $15.3 billion. The proposed deal designates only about one quarter, $5.5 billion, as a non-tax-deductible Clean Water Act penalty. BP can write off the natural resource damages payments, restoration, and reimbursement of government costs.
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