The Spark

“The emancipation of the working class will only be achieved by the working class itself.” — Karl Marx

BP Compensation:
Not Generous at All

Jun 28, 2010

British Petroleum (BP) and the Obama administration agreed on a twenty billion dollar compensation fund to help those who have lost their livelihoods along the Gulf Coast, thanks to the BP spill.

Does 20 billion dollars sound like a lot of money? Not when you take account of the damages. Several million people have been directly or indirectly hit by this catastrophe. That comes to less than $10,000 a person spread out over four years’ time – if all the 20 billion went to BP’s victims.

No, it’s not generous of BP. It’s just a face-saving gesture for a corporation that made profits of 14 billion dollars in 2009 and 26 billion in 2008 when oil prices peaked.