Senate Witness: BP using dispersants so oil hits “beaches for 10 or 15 years”; To benefit from long-term amortization of costs (VIDEO)


Fred McCallister to Testify Before U.S. Senate Regarding Oil Spill, Red Tape, KSWO Channel 7 Oklahoma, June 29, 2010:

"We believe BP has chosen to 'disperse and sink' the oil rather than to 'surface and collect' the oil," said McCallister. ...

"This way BP can amortize the cost of the clean up over the next 15 years. Unfortunately this strategy exacerbates the significant cost to the Gulf of Mexico and the people and animals who live there."

Oil Disaster Day 71; Tropical Storm Set to Impact Gulf, CNN ANDERSON COOPER 360, June 29, 2010:

FRED MCCALLISTER, VICE PRESIDENT, ALLEGIANCE CAPITAL CORPORATION: It keeps it out of sight and out of mind. And it allows BP to amortize the cost of the cleanup over several years, 10 to 15 years, because some of this oil is going to biodegrade, but a lot of that oil is going to roll up on the beaches for 10 or 15 years.

And if they can amortize that over 10 or 15 years,as opposed to dealing with that over the next 15 months, that's a much better financial position for BP to be in.

1 comment to Senate Witness: BP using dispersants so oil hits “beaches for 10 or 15 years”; To benefit from long-term amortization of costs (VIDEO)

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