Even as oil continues to gush out of the damaged Deepwater Horizon drilling rig, everyone from Louisiana fisherman to Florida condo owners are already beginning to vie for compensation from oil company BP.
Experts say it could take decades to sort out the claims, and BP executives acknowledge the company will have to spend more than the $75 million cap on that type of liability payment, which was set by the Oil Pollution Act of 1990.
“We believe it is inevitable we will spend more than the OPA suggests settling claims and are willing to do that,” BP spokesman Mark Salt told msnbc.com Monday.