Howard Business Report - BP Oil - Hawaii News Now - KGMB and KHNL

Howard Business Report - BP Oil

Honolulu (HawaiiNewsNow) -  The giant oil company BP is paying hundreds of millions of dollars for the oil rig disaster. A company called Deepwater Horizon actually owned and operated the rig. It has steadfastly denied doing anything wrong, and hasn't paid a dime into the victims' fund.  It just issued an 854-page report that can be boiled down to two words - 'Not Responsible.'

Deepwater's last annual report said, despite the disaster, it was its all-time best year for safety.

Top executives even got safety bonuses, while oil was still spilling from the rig site. I might point out that nine of the eleven men killed in the rig collapse were deepwater employees.  

Deepwater did swing into action when disaster struck. It flew surviving workers to New Orleans,  put them in hotel rooms and sent lawyers to question them.  They filed papers in Houston court seeking to minimize payments to widows. They also cited a 176-year-old law that had also been invoked by the owners of the Titanic.

The Justice department says Deepwater actually booked a 270-million-dollar      accounting gain on the difference between the real value of the rig and the insurance payments it received.

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