Oil spill has a silver lining for some

The oil that leaked during the Coffeyville flood created an environmental mess. But despite all the problems and heartache that it caused, the spill may have a silver lining for some homeowners. That’s because most residents didn’t have flood insurance to pay for the severe water damage to their homes. But Coffeyville Resources, which spilled the oil into the water, has stepped up and pledged to buy about 300 homes at 110 percent of their pre-flood values. The refinery may use the purchased properties to create a buffer zone.
Posted by Phillip Brownlee

4 Comments

  1. Door King
    Posted July 27, 2007 at 5:34 am | Permalink

    My, my: refiners certainly have a lot of loose change.

  2. Kev
    Posted July 27, 2007 at 5:56 am | Permalink

    Usually big business does things in its interest but I will say this- the extra 10% will help those folks replace possessions and was a nice touch.

  3. political_mom
    Posted July 27, 2007 at 8:52 am | Permalink

    The thing about this is sometimes money can’t replace what you already have. Some of those people grew up in those homes, lived in that town their whole lives. It doesn’t make up for it.

  4. Ben
    Posted July 27, 2007 at 9:03 am | Permalink

    p-mom – the point is that the homes were destroyed with or without the oil. And, most were uninsured. So, I would agree that they are likely much better off than they would have been.

    Now, about the issue of flooding, flood plains, etc …