CBS 8’s “TalkBack” program welcomes Beasley Allen principal Rhon Jones to discuss the recent U.S. Supreme Court ruling denying BP’s petitions to appeal the previously agreed upon oil spill settlement. According to Jones, the Supreme Court’s decision was a monumental victory for the people and businesses of Alabama and the Gulf Coast region affected by the April 2010 oil spill in the Gulf of Mexico. Originally, the uncapped settlement was estimated to cost BP about $5.3 billion, but Jones predicts that this number will likely rise to between $10-12 billion. Jones says the reason behind BP’s argument that the settlement agreement should be appealed is that they highly underestimated the costs of the settlement. However, the oil giant’s argument was outright denied by the Supreme Court, which has ruled that BP must abide by its previous agreement and honor its contract.
December 18, 2014
BP Oil Spill