Deepwater Horizon oil spill : actions needed to reduce evolving but uncertain federal financial risks : report to congressional requesters.

Format:

Book

Government document

Author/Creator:

United States. Government Accountability Office

Contributor:

Ragland, Susan

Language:

English

Subjects (All):

United States. Coast Guard--Rules and practice--Evaluation.

United States.

United States. Coast Guard.

BP Deepwater Horizon Explosion and Oil Spill, 2010--Costs.

BP Deepwater Horizon Explosion and Oil Spill, 2010.

Oil spills--United States--Claims.

Oil spills.

Liability for oil pollution damages--United States.

Liability for oil pollution damages.

Cost.

Gulf of America.

Genre:

Rules and practice.

Claims.

Physical Description:

1 online resource (iii, 57 pages) : illustrations

Other Title:

Actions needed to reduce evolving but uncertain federal financial risks

Place of Publication:

[Washington, D.C.] : U.S. Govt. Accountability Office, [2011]

Summary:

On April 20, 2010, an explosion of the Deepwater Horizon oil rig leased by BP America Production Company (BP) resulted in a significant oil spill. GAO was requested to (1) identify the financial risks to the federal government resulting from oil spills, particularly Deepwater Horizon, (2) assess the Coast Guard's internal controls for ensuring that processes and payments for spill-related cost reimbursements and claims related to the spill are appropriate, and (3) describe the extent to which the federal government oversees the BP and Gulf Coast Claims Facility cost reimbursement and claims processes. We issued status reports in November 2010 and April 2011. This is the third and final report related to these objectives. We obtained and analyzed data on costs incurred from April 2010 through May 2011 and claims submitted and processed from September 2010 through May 2011. We reviewed relevant policies and procedures, interviewed officials and staff at key federal departments and agencies, and tested a sample of claims processed and cost reimbursements paid for compliance with internal controls. GAO is (1) reiterating that Congress may want to consider setting a Fund cap per incident based upon net expenditures, (2) presenting a new matter concerning extending the barrel tax used to finance federal oil spill responses to sustain program funding, and (3) making a recommendation to improve procedures for future significant spills.

Notes:

Title from cover screen (viewed on Oct. 26, 2011).

"October 2011."

Includes bibliographical references.

"GAO-12-86."

OCLC:

758668733