Joseph Lavitt Examines BP Spill Costs, Liability

Bloomberg TV, May 28, 2010 Host Margaret Brennan

Initially there are the response costs: the costs of cleaning up and remediating the oil leak. The situation in the Gulf is complicated by the fact that the hurricane season may approach and force some of this spilled oil on shore. Secondly, there will be potentially fines and penalties owed under the Clean Water Act…. Finally, there is damage to the natural resources and damage to the persons and businesses that operated the Gulf. There is recreation, there is commercial fishing, there is tourism…. As the oil pours out, the litigation pours in.