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Gulf Oil Spill

Wednesday, Jun 30, 2010 6:42 PM UTC2010-06-30T18:42:00Zl, M j, Y g:i A T

Recipients of BP money will have to pay taxes on it

July 17 "Gulf Coast Assistance Day" organized by the IRS, businesses must treat cash like regular income

Gulf Coast business owners who receive payments from BP for oil spill-related losses may also get an unwanted surprise: The money isn’t all theirs to keep. Many will have to pay taxes on the payouts just as they would with some insurance proceeds.

On Friday, the IRS issued what it called guidance, or tax information, for businesses and individuals affected by the spill. While the government was focusing on victims of the spill, the information applies to any business that has received compensation after a disaster.

Among other things, the IRS said that payments intended to replace a business’ lost income or profits must be reported as part of a company’s gross income. And a self-employed business owner is required to pay self-employment taxes on the money.

The IRS said it would hold what it’s calling Gulf Coast Assistance Day on July 17 to help taxpayers and tax preparers with issues related to the spill. IRS employees will be available in Mobile, Ala.; Panama City and Pensacola Fla.; New Orleans, Houma and Baton Rouge, La.; and Gulfport, Miss. The IRS said times and specific locations would be available soon on its website, http://www.irs.gov.

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  More Joyce M. Rosenberg

Thursday, Jun 9, 2011 4:19 PM UTC2011-06-09T16:19:00Zl, M j, Y g:i A T

Environmental groups challenge Shell drilling plan

U.S. government approved an oil exploration plan that involves five proposed deep sea wells

Environmental groups challenge Shell drilling plan

Environmental groups are asking a federal appeals court to throw out a U.S. government decision to approve a Shell oil exploration plan that involves five proposed wells under more than 7,000 feet of water in the Gulf of Mexico.

The Bureau of Ocean Energy Management Regulation and Enforcement approved the plan in May. The plan also includes three previously approved wells 72 miles off Louisiana.

Defenders of Wildlife, the Center for Biological Diversity and the Natural Resources Defense Council claim in a petition filed Thursday in the 11th Circuit U.S. Court of Appeals in Atlanta that the decision violates the law and that the environment would be harmed if it stands.

New regulations for deepwater drilling were imposed following last year’s deadly rig explosion and Gulf oil spill.

  More Harry R. Weber

Thursday, Apr 21, 2011 1:20 PM UTC2011-04-21T13:20:00Zl, M j, Y g:i A T

BP sues partners as Gulf marks year since spill

Still widely criticized for spill, the oil giant filed a $40 billion lawsuit alleging negligence by the rig owner

Gulf Oil Spill Anniversary

People gather near crosses -- 11 for the workers who died in the Deepwater Horizon oil rig explosion and one for the Gulf of Mexico, center -- during a vigil to mark the first anniversary of the BP PLC oil spill on a beach in Grand Isle, La., Wednesday, April 20, 2011. (AP Photo/Patrick Semansky) (Credit: AP)

BP marked the first anniversary of the massive Gulf of Mexico oil spill with a $40 billion lawsuit blaming the disaster on its partners, as Gulf residents held somber vigils and relatives flew over the waters where 11 oil rig workers died.

A year after the rig explosion that triggered the worst offshore oil spill in American history, President Barack Obama vowed to hold BP and others accountable for “the painful losses that they’ve caused.”

For its part, BP filed a lawsuit alleging negligence by the rig owner and by the maker of the device that failed to stop the spill. Both of those companies filed their own claims, a reminder that lengthy court battles lie ahead.

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  More Cain Burdeau

  More Harry R. Weber

Wednesday, Apr 20, 2011 8:40 PM UTC2011-04-20T20:40:00Zl, M j, Y g:i A T

Oil drilling: Lots of lobbying, no legislation

The industry spent $146.5 million on federal lobbying. Is it any wonder Congress adopted no new laws?

Britain BP Protest

Security personnel guard the entrance to the conference center where BP held its annual general meeting of its shareholders, in London, Thursday, April 14, 2011. BP's annual shareholder meeting got off to a rowdy start on Thursday as crowds of protesters watched over by police held noisy demonstrations outside the venue.(AP Photo/Lefteris Pitarakis) (Credit: AP)

On the one-year anniversary of the explosion at BP’s Macondo well, media outlets have spilled a fair amount of ink noting that not one law has been adopted by Congress on oil and gas drilling. A cursory look at the ever-forceful efforts of the oil and gas industry lobby makes this totally unsurprising.

Marcus Barum writes in the Huffington Post, that “despite introducing more than 150 bills to improve the safety and oversight of offshore drilling and holding more than 60 hearings to discuss the spill’s causes and consequences with regulators, oil company officials, grieving relatives and Gulf-area fishermen,” no bills have been adopted, and only two made it to the Senate.

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Natasha Lennard is Brooklyn-based writer and a project officer for the International News Safety Institute - North America.   More Natasha Lennard

Wednesday, Apr 20, 2011 5:21 PM UTC2011-04-20T17:21:00Zl, M j, Y g:i A T

1 year later: Just how bad was Gulf spill?

Did Mother Nature just swallow the oil back up -- or is the worst yet to come?

Gulf Oil Spill Spending Spree

FILE - In this April 21, 2010 file photo, the Deepwater Horizon oil rig burns in the Gulf of Mexico. In the year since the Gulf oil spill, officials along the coast have gone on a spending spree with BP money, dropping tens of millions of dollars on gadgets, vehicles and gear _ much of which had little to do with the cleanup, an Associated Press investigation shows. The oil giant opened its checkbook while the crisis was still unfolding last spring and poured hundreds of millions of dollars into Gulf Coast communities with few strings attached. (AP Photo/Gerald Herbert, File) (Credit: AP)

In the immediate aftermath of the Deepwater Horizon rig explosion — which killed 11 workers and spawned an oil slick the size of Kansas — it seemed clear that the event would be remembered as perhaps the worst environmental calamity in U.S. history. Now, one year later, arguments for the magnitude of the disaster are less self-evident.

The BP oil spill flushed upwards of 4 million barrels of crude into the Gulf of Mexico between April and July, 2010. But by August, the once-vast sheen of rust-colored muck had mostly disappeared from the ocean’s surface. Official reports claim that marine life is returning to normal.

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  More Peter Finocchiaro

Wednesday, Apr 20, 2011 1:10 PM UTC2011-04-20T13:10:00Zl, M j, Y g:i A T

Gulf oil disaster, one year later

Communities across the Gulf coast reflect on anniversary of Deepwater Horizon explosion

Gulf Oil Spill Abandoned Wells

FILE - In this Sept. 18, 2010 file photo, the Development Driller III, which drilled the relief well and pumped the cement to seal the Macondo well, the source of the Deepwater Horizon rig explosion and oil spill, is seen in the Gulf Of Mexico, off the coast of Louisiana. More than 3,200 oil and gas wells classified as active lie abandoned beneath the Gulf of Mexico with none of the cement plugging normally required to help keep unused wells from leaking, threatening the same waters fouled by last year's BP oil spill, The Associated Press has learned. (AP Photo/Gerald Herbert, File) (Credit: AP)

Relatives of some of the 11 men who died aboard the Deepwater Horizon oil rig are flying over the Gulf of Mexico on Wednesday, back to the epicenter of the worst offshore oil spill in the nation’s history.

Meanwhile, on land, vigils were scheduled in Louisiana, Mississippi, Alabama and Florida to mark the spill.

On the night of April 20, 2010, the Deepwater Horizon, a rig owned by Transocean Ltd., burst into flames after drilling a well for BP PLC, killing 11 workers on or near the drilling floor. The rest of the crew evacuated, but two days later the rig toppled into the Gulf and sank to the sea floor. The bodies were never recovered.

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  More Cain Burdeau

  More Harry R. Weber

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