BP has been struggling to avoid paying $18 billion dollars in fines dictated by the Clean Water act. It has been continuously entrenched in lawsuits and appeals to try to avoid the bill. It has even tried citing drops in the current price of oil as reasons why the $18 billion should be lower. This week, however, the 5th U.S. Circuit Court of Appeals ruled against BP’s appeal. The news has already had a negative effect, as has the global glut of oil in general. BP is down over 3% already today, bringing it back down to the low levels previously seen in the middle of December.
January 15, 2015 – Stock Market News
BP has been struggling to avoid paying $18 billion dollars in fines dictated by the Clean Water act. It has been continuously entrenched in lawsuits and appeals to try to avoid the bill. It has even tried citing drops in the current price of oil as reasons why the $18 billion should be lower. This week, however, the 5th U.S. Circuit Court of Appeals ruled against BP’s appeal. The news has already had a negative effect, as has the global glut of oil in general. BP is down over 3% already today, bringing it back down to the low levels previously seen in the middle of December.
Related Posts: