BP Says Curb on Drilling Would Imperil Payouts

[mike r]

Source: New York Times

BP is warning Congress that if lawmakers pass legislation that bars the company from getting new offshore drilling permits, it may not have the money to pay for all the damages caused by its oil spill in the Gulf of Mexico. The company says a ban would also imperil the ambitious Gulf Coast restoration efforts that officials want the company to voluntarily support.

BP executives insist that they have not backed away from their commitment to the White House to set aside $20 billion in an escrow fund over the next four years to pay damage claims and government penalties stemming from the April 20 explosion of the Deepwater Horizon drilling rig. The explosion killed 11 workers and spewed millions of barrels of oil into the gulf.

The company has also agreed to contribute $100 million to a foundation to support rig workers who have lost their jobs because of the administration’s deepwater drilling moratorium. And it pledged $500 million for a 10-year research program to study the impact of the spill.

But as state and federal officials, individuals and businesses continue to seek additional funds beyond the minimum fines and compensation that BP must pay under the law, the company has signaled its reluctance to cooperate unless it can continue to operate in the Gulf of Mexico. The gulf accounts for 11 percent of its global production.

Read more: http://www.nytimes.com/2010/09/03/business/03bp.html

[nolabear]

1. Clever Bastards. No one will see through that one.

Actually, the unfortunate part is the truth in it. They can't PAY enough damages for all the hurt they've caused. Are causing.

[rhett o rick]

6. Ken "drill baby drill" Salazar will buy it. And the Pres will back him up all the way. nm

[Owl]

2. BP seriously sucks.

[williesgirl]

3. Sure sounds like blackmail to me! Fuck them. rec'd

[unblock]

4. give me a trillion dollars and i'll save the economy. if you don't, you must hate america!

hey, if it works for bp,....

[ThomCat]

5. Then they can go out of business. Go Bankrupt.

And have bankruptcy court pick over their assets to pay for the cleanup.

I'd be willing to have their assets sold off. I'd be perfectly fine with that. Goodbye PB! :hi:

PLEASE, please, please let us call your bluff on this! Please, please, PLEASE, let us call your bluff!

[rhett o rick]

7. BP will never pay. Our government is so weak we cant make them. Fuck BP, fuck Salazar. nm

[ladywnch]

8. like any other prostitute, they have to continue to screw people to get

money to pay the fines for screwing people. :crazy:

[6000eliot]

9. What happened to the 20 billion dollar escrow account?

[rhett o rick]

10. They had no intention of ever doing that. And our government lets them get away with it. nm

[AlbertCat]

11. it may not have the money

Awwwwww....

I guess they will be slightly less rich than god now instead of richer than god.

Maybe they can get a loan from Saudi Arabia!

[blackspade]

12. No blackmail here!

Move along citizen, nothing to see here.....

Or from Dark City, "Sleeeep"

[blindpig]

13. More propaganda.

Nationalize the Energy Sector.

[AlienGirl]

14. How is this not a shakedown?