Lessons Learned From The Oil Spill Go Beyond The Gulf

As we remember the victims of the Deepwater Horizon oil spill in the Gulf of Mexico on the first anniversary of the tragedy, we have an opportunity to reflect upon BP's response to this disaster and the lessons that can and should be learned from it.

Within weeks of the disaster, BP knew that the Obama Administration was on a mission to hold it responsible. It also knew that Congress was poised to retroactively amend the Oil Pollution Act, which governs the spill, and remove its $750 million damage cap. Facing this reality, BP accepted the designation of "responsible party" under the Act, waived the damage cap protection, and voluntarily set up a $20 billion claim fund to compensate victims.