1). Politically: Rick Perry has said it was "an Act of God" which means company and people are not to blame. It was an accident, and if Fed is to prosecute, they have to prosecute half of their own key people in this case criminally first. It will not happen. Many of the officials are already not cooperating the the administration. They took the fifth. Crimial case is weak at best.
2). Legally: Thanks for checks and balances, the congress is having a hard time up the liability to 10B from 75mil or so. Besides I remember in School they specifically taught a law principle that new laws cannot be applied retrospectively to old events or old incidents that the party already compensated for. What is this called? maybe some of you legal experts can elaborate on this legal procedure. I think it is wise for BP now to compensate cities, businesses, and people for their losses. Because compensating them now is pennies on the dollar. Obama will not press too hard and punish BP because it has already backfired. It will not fare well for him during mid term election.
3). Engineering-wise: By this coming weekend, we will be looking at 80-90% capture rate. At that time, we won't be talking about the total volume that has escapted. Why? Because crude is naturally bio-degradable with certain strains of bacteria. In other words, the longer this process drags on, the less is to physically clean up.
1- It is NOT an act of God.. That is why it is called an "accident" 2-There is no $75 Million cap on this. 3-Percentage of capture of the NEW oil gushing out has NOTHING to do with the oil that has been spewing for 49 days and perhaps another 49 days before this is over.. There is enough oil their to break BP's back many times over.
BP can afford the upcoming dividend payout and also costs related to the spill. I really hope they don't buckle under to the hysteria and political pressure and cut the dividend. If I were them, I would announce that all revenue related to what they are recovering now from the well goes to victims of the spill.