BP Threatening Congress: Ban Us From Drilling, and We Won’t Pay Oil Spill Damages

By: Friday September 3, 2010 8:22 am

BP is basically saying here, in the vernacular, “Nice escrow account you’ve got there, would be a shame if something happened to it.” 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 [...]

BP Escrow Fund Dependent on Additional Drilling?

By: Tuesday August 10, 2010 1:19 pm

In a sense, this was always the case. BP makes their money from drilling for, and selling, oil, and so their continued viability in running that business affects whether they have the cash available to pay out the $20 escrow fund for compensation to those hit by the oil disaster. But the deal between BP [...]

BP’s Growing Liabilities

By: Friday June 18, 2010 9:50 am

White House senior energy adviser Carol Browner again clarified that the $20 billion shakedown escrow account from BP does not represent a cap in any way, and that the ultimate cost to the oil giant’s bottom line for the spill in the Gulf could end up much higher. “It is likely that the number will [...]

GOP Congressman Calls on Barton to Step Down from Ranking Committee Membership

By: Thursday June 17, 2010 11:30 am

This has snowballed. Jeff Miller (R-FL), a Republican Congressman from the Pensacola area (one of the places hit hard by the oil spill), has publicly called for Joe Barton to step down in the wake of his comments apologizing to BP for their “treatment by the White House.” Rep. Jeff Miller (R-Fla.), whose Pensacola district [...]

Relief Wells, Automatic Shut-Off Valves Looking Pretty Cheap Now for BP

By: Thursday June 17, 2010 10:55 am

Administration officials and even BP emphasized that the $20 billion dollar shakedown escrow account for the BP oil spill did not represent a cap on damages. Which is a good thing, because the costs continue to mount, and the estimates continue to rise, especially if the Justice Department files criminal charges in the case. Based [...]

Boehner Runs Screaming from Barton’s Apology to BP

By: Thursday June 17, 2010 9:23 am

The interesting part, to me, of Smoky Joe Barton’s apology to BP for having to endure a White House shakedown was how he took pains to say that it was a personal view and not a reflection on his colleagues or the Republican Party. He said it more than once. It’s like he knew exactly [...]

BP Agrees to $20 Billion Dollar Escrow Fund

By: Wednesday June 16, 2010 10:27 am

Observers criticizing President Obama for a lack of specifics in yesterday’s Oval Office speech at least got one detail filled in today. After it looked like the White House and BP hit an impasse in their talks to create an escrow fund for damages in the oil spill, today, after a meeting between Obama and [...]

Senate Democrats Charging Forward on BP Liability, Join President’s Call for Escrow Account

By: Monday June 14, 2010 7:53 am

Practically the entire Senate Democratic caucus has written a letter to BP CEO Tony Hayward, asking the company to create the same kind of $20 billion dollar escrow account that the President will reprortedly seek to pay for economic damages and clean-up costs associated with the Gulf oil spill. The letter was signed by 55 [...]

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