BP: No More Offshore Drilling, No More Funds

Oh, the irony: BP claims that if Congress passes legislation barring the oil giant from getting new offshore-drilling permits, it may not have enough money to pay for the damage caused by the Deepwater Horizon oil spill. A ban would also stunt the company’s ambitious restoration efforts, they argue. “If we are unable to keep those fields going, that is going to have a substantial impact on our cash flow,” David Nagle, BP’s executive vice president for BP America, told The New York Times. Another overhaul bill, passed by the house July 30, concerns BP because of an amendment that would bar companies with 10 or more fatalities on onshore or offshore drilling facilities from Outer Continental Shelf drilling permits. “If BP needs to sell assets to meet its financial obligations, that’s a decision they have to make,” said Daniel Weiss, chief of staff for Rep. George Miller (D-CA), who wrote the provision. Meanwhile, BP announced Friday that the cost of the cleanup has risen by another $2 billion over the last month to a total of around $8 billion.