Posted by: Brodie Jerrems in Bank Rates on July 13th, 2010
There’s no doubt that the BP oil spill is not only an ecological disaster, but a financial one as well. KTVU.com reports that last Monday, BP stated the cost of dealing with the Gulf of Mexico spill has risen to $3.5 billion, including nearly $165 million to settle individual claims.
The nation will certainly suffer for a long time to come, but how does this spill affect the individual? You may soon find yourself suffering a personal financial loss due to the BP oil spill. Here’s how:
Oil Clean-Up Costs Paid Through Taxes
The Oil Pollution Act of 1990 caps the financial responsibility of an offshore oil rig at $75 million.