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BP claims czar warning - oil spill tourism losses might not be compensated

Credit: bp oill spill
oil spill in the Gulf of Mexico

As the days goes by, many claims in the oil spill are reported.

On day 72 of the disaster Thursday, the oil spill in the Gulf of Mexico 2010 became the worst oil spill ever in the region. Cleanup efforts came to a halt his week as Hurricane Alex increased the amount of oil washing ashore. Tourism in the gulf, normally booming on 4th of July weekend, isn’t expected this year. Adding insult to injury for gulf residents, the federal chief of BP oil claims said he might have to deny oil spill tourism losses. Meanwhile, the oil spill cap remains attached within the high winds and heavy seas, but it only captures about 25 percent of the crude that continues to spew from the undersea gusher into the gulf.

Source for this article: BP oil claims chief says oil spill tourism losses may be denied by Personal Money Store

In doubt - BP claims for oil tourism losses

As the oil spill within the Gulf of Mexico 2010 killed tourism for the Fourth of July weekend, the man in charge of the $ 20 billion BP oil spill claims fund bore bad news. USA Today reports that companies hurt because tourists have stayed from the Gulf might not be eligible for reimbursement according to Kenneth Feinberg, the man appointed by the Obama administration to handle the claims. Tourism officials and people who make a living from tourism say that the BP oil spill is driving away visitors and costing businesses billions of dollars. Feinberg told the House Small business Committee in Washington that indirect claims, like those made by companies that lost revenue because wary tourists stayed home thinking a beach would be damaged, "may not be compensatory".

Feinberg bent on improving BP oil claims process

The oil spill in the Gulf of Mexico continues to gush up to 60,000 barrels a day, a team of U.S. scientists has estimated. As many as 6,000 skimming vessels are sidelined by Hurricane Alex. As the environmental and economic disaster spreads with no end in sight, CNN reports that Feinberg said his priorities can be to cut bigger checks and send them out faster to the oil spill's economic victims. About 41,000 claims have been paid totally nearly $ 130 million by the oil business, but more than 80,000 are submitted. Rather than the month-to-month emergency checks going out now, Feinberg said his new entity, the Gulf Spill Independent Claims Fund, will send out six-month lump sum payments "to give small businesses more certainty".

BP faces record fine for record oil spill

As beaches are destroyed, wildlife dies and the fishing industry suffers, the Associated Press reports that after two and a half months the oil spill within the Gulf of Mexico 2010 has surpassed the previous record-setting 140 million gallon Ixtoc 1 oil spill near Mexico in 1979-80. Keeping track of the growing total is important, according to Larry McKinney, director of Texas A and M University at Corpus Christi's Gulf of Mexico research institute, who told AP that BP’s fine grows along with the gallons.

More details about this topic at these websites:

usatoday.com

money.cnn.com

google.com/hostednews/ap/article



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1 comments on BP claims czar warning - oil spill tourism losses might not be compensated

Log In To Vote   Score: 1
By JJFCPA on July 08, 2010 at 04:27 pm

Like alot of bad things, I try to forget about this as much as I can. One can't because it pervades our life on a dialy basis, be it while thinking about vacation, seafood or the environment. Mistakes have been made by many big companies over the years but this is the biggest that I know. Be glad that you are not UK pensioner who will lose a portion of their savings by the slow fall and maybe death of this once proud country.

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