NEW YORK (CNNMoney) -- How much should victims of last year's massive Gulf oil spill get?
Only a week after the U.S. chided the agency in charge of doling out BP's $20 billion oil spill recovery fund for being stingy, BP, who was responsible for last year's disaster in the Gulf of Mexico, said payouts to victims are too generous.
BP makes its case in a 24-page letter emailed to the Gulf Coast Claims Facility, on Thursday. The letter is posted on the agency's website as part of payment czar Kenneth Feinberg's call for public comments on the final payment methodology.
Although the comments are posted anonymously, a BP spokeswoman confirmed that the letter on the site was submitted by the company.
Earlier this month, Feinberg and the GCCF issued a proposed methodology for determining final lump sum payments to victims of the spill which assumes that the Gulf Coast region will fully recover from the oil spill by 2012.
But in its letter, BP said that assumption is incorrect and overstates the region's losses. Going forward, the company writes, most claimants will not be losing money as a result of the spill.
"Nearly all fishing grounds are open, and December 2010 shrimping data show a successful industry with high landings and high prices," the report says. "Hotel data show that, on both a beachfront and country-wide basis, the Gulf hospitality industry is strong."
Feinberg said that he will consider all comments he has received. "We welcome input from any and all interested parties. We are taking all comments under advisement."
While BP thinks that Feinberg is paying too much, the Department of Justice is encouraging him to loosen the purse strings.
"The role of the GCCF is to satisfy the obligations of the responsible parties to compensate those harmed as a result of the Deepwater Horizon oil spill under the Oil Pollution Act - in whatever amount ultimately is required," said Associate Attorney General Thomas Perrelli in a letter to Feinberg earlier this month. "It is not to preserve the $20 billion fund that BP has established or to return money to BP."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.77%||3.74%|
|15 yr fixed||2.97%||2.95%|
|30 yr refi||3.78%||3.75%|
|15 yr refi||2.97%||2.96%|
Today's featured rates:
Nike is opening up shop on Amazon.com and the company plans "big shifts" over the coming year. More
Melinda Gates has dedicated her philanthropic work to empowering women, but it's an uphill battle. Some solutions? Redistribution of labor in the household, paid family leave, funding for family planning and other measures. More
Roshni Rides wants to help refugee communities become self-sufficient through its rickshaw ride-sharing service. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Two-thirds of Americans are concerned about the Equifax breach -- but far fewer have taken steps to protect themselves. More