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Emily's list: Oil spill edition
For the past few weeks, many Americans have watched in horror as massive amounts of oil spill into the Gulf of Mexico. An oil rig about 50 miles southeast of Louisiana's coast exploded on April 20 and killed 11 workers, and sank two days later to 5,000 feet below the surface, according to CNN. The well has been spewing an estimated 210,000 gallons of crude oil in the ocean each day.
The owner of the well, energy company BP, is getting plenty of flack. It has taken responsibility, but it hasn't been able to stop the leak. Since April 20, the company has tried various types of caps and domes to plug the leak, and it has even discussed shooting garbage into the well to plug it. Nothing has done the trick. There are growing concerns about how the spreading oil will affect wildlife, especially as it reaches shores.
According to CNN, BP is required by federal law to foot the bill for all cleanup costs, and it has already spent more than $350 million to do so. However, the company may only be liable for the first $75 million in claims under law, but it's expected that the losses will be in the billions. BP says it will pay all "legitimate claims" for those who have suffered an economic loss, but it will be interesting to see how this unfolds and what they deem "legitimate."
Personally, I think it's frightening to see how much damage -- both environmentally, ecologically and financially -- a single incident like this can cause. My heart goes out to the fishermen and other people out there who are suffering a loss of income due to this crisis, but I also feel a ton of gratitude for the many volunteers who are out there helping to mop up the mess.
But enough seriousness for now: For all kinds of great personal finance advice and tidbits, read on and learn about some of my favorite blog posts from the past week.
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