If the Obama Administration passes a bill to stop new offshore drilling permits in the Gulf of Mexico, BP asserts they may fall short of the $20 billion oil spill compensation payments they agreed to pay its victims.

When BP agreed to set aside $20 billion for Gulf Oil Spill clean up and victim compensation, the Obama Administration also permitted BP to pull those funds exclusively out of the revenue made from their Gulf of Mexico operations.

If new offshore drilling permits are no longer available to BP, particularly in the Gulf of Mexico, their revenue from Gulf… Continue reading →