Anonymous
Anonymous asked in Politics & GovernmentPolitics · 1 decade ago

Will the Obama Administration refund whatever is left of the $20 billion back to BP?

Some might argue that the Obama Administration had a "shake down" of BP by requiring them to pony up $20 billion for the gulf oil spill clean up efforts. So...... what happens if the clean up only ends up costing $10 billion? Will Obama give BP back the balance? Or is this going to cost BP $20 billion no matter what?

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  • 1 decade ago
    Favorite Answer

    Nope.

    -that money was to serve one purpose, a piggy bank for the people of the Gulf States(and rightfully so). The problem IS that with any large sum of money like that there is bound to be some fraud, in fact sometimes it's encouraged.(let's just remind everyone about the Katrina money huh>?)

    And as Obama has shown already he never gives back to those who earn, he only redistributes.

  • 1 decade ago

    You know, when I first heard somebody claim that BP's main motivation for pumping all the chemical dispersants into the water just to keep the oil from rising to the top*, I took that with a grain of salt - mostly because it didn't seem that plausible that people would just happily say "oh, I can't see the oil, so it must not be there". Not only do I now feel naive for having thought that, but the people who made those claims seem to have underestimated BP a bit - it's not just a PR thing, it's apparently intended to allow them to shirk responsibility for cleaning up the mess.

    *chemical dispersants work by breaking up the crude oil into the various toxic compounds of which they are composed. Left to nature, spilled crude would break down in basically the same way, only over a longer period of time. With dispersants, these toxins are released all at once, and may simply drift around with underwater currents or sink to the bottom, rather than rise to the top the way ordinary crude tends to do. The dispersants themselves are highly toxic as well, and of course the one BP uses, Corexit, is somewhat more toxic than others available - but of course some BP officials do have a financial interest in the company that produces it.

  • bwlobo
    Lv 7
    1 decade ago

    You must be dreaming. The Obama Administration has already spent the $20 billion. They never promised it would be in any escrow account. They'll probably give a couple of million to someone to study turtles, another couple of million to study the blood pressure of those beach cleaning people who spend 15 minutes out of every hour for actual work. I could take the time to imagine all kinds of things that the oil czar will "refund" funny money.... and it probably won't be 1/10 as bad as what is actually going on!!!

    Source(s): bwlobo
  • 1 decade ago

    It is estimated that the $20 billion will barely touch the actual cost of cleaning up the oil spill. Some experts are estimating that the long term costs will easily exceed $40 billion over the next 20 years.

    And that is not out of the realm of possibility. Alaska is still cleaning up after the Exxon Valdez.

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  • ?
    Lv 7
    1 decade ago

    The only people who 'might argue' that is the people who believe that pollution is a god given right. The last estimate that I saw for a proper cleanup is closer to $30 billion.

  • 1 decade ago

    The way the Government did this was wrong.

    The cost will be more than $20 billion.

    They should pay as we/they go. As needed when the bill is due.

    Yes there should be a public fund set up for all the people affected by this. Payed out as proof of loss is showed.

  • Anonymous
    1 decade ago

    The cleanup has already cost far more than this.

    You guys would have hollered no matter what he did - you know that right?

  • Anonymous
    1 decade ago

    I'll probably sound stupid, but I think it'll be $20 billion no matter what. It doesn't sound like Obama to give back money, espically in this situation.

  • Anonymous
    1 decade ago

    No. They need that money because they shut down all the other wells in the Gulf.

  • 1 decade ago

    I don't like the O-Admin. But you're just uneducated. He made them set it aside in a seperate account. He didn't make them hand over the $20byn.

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