Feds may not have the power to make BP pay

THE FACTS: An independent arbiter is no more bound to the government’s wishes than an oil company’s. In that sense, there is no certainty BP will be forced to make the Gulf economy whole again or that taxpayers are completely off the hook for any of the myriad costs associated with the spill or cleanup. The government can certainly press for that, using legislative and legal tools. But there are no guarantees.

It took 20 years to sort through liability after the Exxon Valdez oil spill in Alaska, and in the end, punitive damages were slashed by the courts to about $500 million from $2.5 billion. Many people who had lost their livelihoods in the spill died without seeing a check.