It sounds like the issue of limited liability for BP is moot.

Both Reuters and The Guardian are reporting that according to legal documents and a close reading of the law, BP could be liable for some $4300/barrel that gushes into the water.

In the worst case scenario, says the Guardian, with oil gushing at over 100,000 barrels per day for more than two months, the oil giant could be looking at a $60 billion fine. Reuters arrives at a more conservative estimate of $10 billion.

Meanwhile, BP has already lost about $60 billion in market cap, but our guess is that if the ultimate fine were to be at the high end of the range, the stock would have a lot further to fall.

Let's hope operation top kill works as planned.

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