Thursday, July 1, 2010

BP Accused of Using Dispersant to Mask Spill Size

BP is facing accusations of using a toxic dispersant to deliberately hide the size of the oil spill in the Gulf. In an interview with CNN, Dallas investment banker Fred McCallister said the dispersant has been used to sink the oil in order to mask to minimize BP’s financial liability.

Fred McCallister: "The issue that BP is facing right now is whether to use practices that are normal around the world, which is to try to cause the oil to come to the surface, and then deploy the right amount of equipment and the right type of equipment to gather that oil up and get it out of the Gulf. Using the dispersants allows the oil to stay under the surface, and this accomplishes several purposes. It allows the—it makes it a lot more difficult to quantify the amount of oil that’s coming out, which has a direct impact on damages and royalties that have to be paid. It keeps it out of sight and out of mind. And it allows BP to amortize the cost of the cleanup over several years, 10 to 15 years, because some of this oil is going to biodegrade, but a lot of that oil is going to roll up on the beaches for 10 or 15 years."
McCallister says BP has rebuffed his attempts to organize a fleet of foreign skimmers to assist with the cleanup effort, saying the company is fearful the skimmers could help tally the size of the spill.

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