By Sean McLernon (October 7, 2013, 2:57 PM EDT) -- BP PLC began the quantification portion of the Deepwater Horizon trial on Monday by arguing that the U.S. government made false assumptions about flow rates following the April 2010 Macondo well explosion and vastly overestimated the total amount of oil spilled.
Both sides made their opening statements to U.S. District Judge Carl Barbier as the second phase of the nonjury trial continued in Louisiana federal court. The gap between the government's estimate of 4.2 million barrels of oil spilled and BP's estimate of 2.45 million could mean a difference of as much as $7.5 billion in fines.
The oil giant claimed...
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