'Not Enough Money' for BP Oil Spill Claims | WHAT REALLY HAPPENED

'Not Enough Money' for BP Oil Spill Claims

An estimated 35,000 to 60,000 barrels of oil a day has been gushing out of the ruptured well since the Deepwater Horizon drilling rig sank on April 22 some 50 miles off the coast of Louisiana.

Some 423 miles (681 kilometers) of US shorelines have now been oiled as crude gushes into the sea at an alarming rate, 10 weeks into the worst environmental disaster in US history.

Feinberg, who Obama named to administer the 20-billion-dollar claims fund, insisted that BP will "pay every eligible claim," but cautioned that many perceived damages may not qualify.

"I use that famous example of a restaurant in Boston that says, 'I can't get shrimp from Louisiana, and my menu suffers and my business is off,'" Feinberg told the House of Representatives Committee on Small Business on Wednesday.

"Well, no law is going to recognize that claim."

Feinberg said he was still sorting out how to deal with indirect claims like hotels that lose bookings because tourists think the beaches are covered in oil, or people who see their property values decline but live several blocks away from an oiled beach.

"There's no question that the property value has diminished as a result of the spill. That doesn't mean that every property is entitled to compensation," he said.

"There's not enough money in the world to pay everybody who'd like to have money," he said.

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