With the release of the Presidential Oil Spill Commission report this week, we’re seeing some renewed interest in the fallout from the BP oil spill. In particular, the $20 billion escrow fund managed by Kenneth Feinberg has been a main point of contention between the Gulf and BP since last fall, when BP began threatening to withhold compensation to residents if Congress placed greater restrictions on their drilling.
|By: Brian Sonenstein Wednesday January 12, 2011 6:15 pm|
|By: David Dayen Tuesday August 10, 2010 4:25 pm|
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 and the government apparently makes that explicit, and in particular their Gulf of Mexico drilling operations; future drilling revenues are BP’s leverage to permit more exploration and drilling.
|By: Teddy Partridge Wednesday July 28, 2010 8:01 am|
So, in addition to giving Tony “I want my life back” Hayward his life back, the BP Board of Directors this week reported a $17,000,000,000 loss for the quarter and announced that they would set aside $32,000,000,000 to pay claims in their Gulf of Mexico fiasco.
|By: David Dayen Thursday June 17, 2010 12:50 pm|
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.”
|By: Scarecrow Wednesday June 16, 2010 4:25 pm|
The White House and BP are telling the media there is a tentative agreement to have BP contribute “about $20 billion” over time to an escrow account to pay economic damages claims for BP’s oil disaster. I still think that’s a good concept but as always, the details matter.
But the leading lights (aka dim bulbs) of the Republican Party can’t seem to give up entirely on John Boehner’s initial view that taxpayers should bail out BP, one of the world’s largest TBTF corporations. Since the Obama Administration proposed the escrow mechanism, it’s important for Republicans to uncover the evil purposes and consequences of the scheme to maintain their view that civilization as we know it is under siege from White House socialists, or fascists, or government takeover zealots.
|By: David Dayen Monday June 14, 2010 2:15 pm|
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 of the 59 members of the caucus: only Mary Landrieu, Robert Byrd, Jeff Bingaman and Kent Conrad failed to add their names.