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Oil companies pay a pittance in penalties to offshore drilling regulators

Oil companies pay a pittance in penalties to offshore drilling regulators
May 5, 2010 --

The fines that oil companies have paid for offshore drilling safety violations are dwarfed by their profits. Fines against BP have been the equivalent of a rounding error. From 1998 through 2007, BP paid less than $580,000 in penalties for its 12 safety violations. Last quarter, the British oil giant turned a profit of $5.6 billion.