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BP Oil Spill Claims Increases

BP Oil Spill Claims Increases

Incidents such as this should serve as a reminder on how the exploration for oil could turn into a catastrophic event. In what was conceived as one of the worst oil spills in the history of the modern world, the BP oil spill claims has increased since surrendering the authority to an independent administrator for the release of funds related to the spill. The Gulf of Mexico oil spill is catastrophic as experts agree that more than 200,000 gallons of oil have been leaking into the ocean every day since the April 20 explosion. Ponder on that for a minute and think of the gravity of the situation. Do the math and expect to arrive at more than 12 million gallons of oil until the leak was plugged.

How many BP oil spill claims has not been filed yet?

The large amount of wasted oil wreaked havoc on the habitat and ecology of numerous living organisms surrounding the gulf. This is the reason why BP expects to pay out at least $20 billion to those affected by the spill. It has been said that the BP oil spill claims has risen to around 19,000 claims with a total of $240 million dollars so far. This figure is in line with BP’s claim of more than $3.5 million dispersed each day. Such is the gravity of the damage and harm done to businesses that suffered most due to the oil spill. The estimated $20 billion claims fund can be used to compensate for the losses of fishermen, hotel owners and retail stores along the gulf.

All BP oil spill claims will be paid

Incoming BP CEO Bob Dudley had previously stated that the allocated $20 billion fund is enough to cover all the expected damages despite the BP oil spill claims increase. While it is true that money alone will never be enough to compensate for such damages, business owners can at least work with something out of the released funds. The job is far from over. The environmental consequences are long-term and it would still take years for the gulf to recover from the damage. The numbers may not be enough to properly depict the consequences of the BP oil spill disaster. If you have  BP oil spill claims to file now is the time.