BP spokesman Steve Rinehart told Bloomberg News that BP will deduct the $3.5 billion already spent on cleanup efforts and any future expenses:
"Taxes are paid on profits.
If our profits are down due to increased expenses such as the cost of responding to this spill, then it follows that our tax bills will be lower as a result."
CNN has an interview with the lawyer for victims of the 1989 Exxon Valdez oil disaster, and it provides a nice counterpoint to Brookss sympathy for poor, misunderstood Joe Barton.
The lawyer, Brian ONeill, says he doesnt expect his clients to receive the remainder of the payments due them until the end of this year. He says Exxon treated the
Like the banking crisis, the oil disaster will see in a new age of state intervention, says Jeremy Warner.
