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BP to Pay $25 Million

BP has agreed to pay $25 million to settle charges related to spills from its pipelines in Alaska. It is the largest per barrel penalty levied against an oil company. The size of this penalty seems to indicate that BP can expect similarly substantial penalties for its role in the Gulf Of Mexico oil spill last year.

BP was found responsible for the spill that involved more than 5,000 barrels of oil leaking into the Arctic in March 2006. Later in August that year, the company was involved in a second smaller spill in the area. BP paid more than $20 million in criminal fines and restitution. The company was also ordered to perform repairs on its 1600 miles of pipeline across Alaska. Later, the Department of Transportation held that the company ha was not in compliance of orders to clean and replace miles of pipeline network. In 2009, the federal administration sued BP again.

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