BP Says Limits on Drilling Imperil Oil Spill Payouts

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BP Oil Spill

With the drilling moratorium imposed on drilling’s deeper than 500 feet, BP has stated that with this moratorium is held in place for much longer that it will hinder their ability to to pay their promised $20 Billion contributions to the escrow fund. This also goes for the $100 million fund for unemployed drill rig workers put out of work due to the Oil Spill.

A Bill in the House of Representatives has passed the House that essentially forbids additional drilling permits to be issued to BP due to this accident. Though not specifically named in the Bill, BP is the only current company that fits the restricted permits criteria.

Belows is the link to the New York Times article outlining the statements BP has made concerning their payment commitments as well as the House Bill that recently passed forbidding additional drilling permits from being issued to BP in the United States’ waters.

http://www.nytimes.com/2010/09/03/business/03bp.html?dbk

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