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BP warning: Proposed drilling limits imperil oil spill payou

The New York Times (MSNBC) -- 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 by its oil spill in the Gulf of Mexico.

The company says a ban would also imperil the ambitious Gulf Coast restoration efforts that officials want the company to voluntarily support.

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Submitted Sep 03, 2010 By: JOHNNY95206

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DrCashFlow Champion Author Massachusetts Posts:4,785 Points:1,170,605 Joined:Jun 2008	Message Posted: Sep 5, 2010 12:17:27 PM Ignore DrCashFlow Report Abuse scale and roi matter.
remay Champion Author Houston Posts:4,706 Points:1,656,770 Joined:May 2006	Message Posted: Sep 4, 2010 2:24:22 PM Ignore remay Report Abuse Hmmm, sounds like black(gold) mail...
eddmac Champion Author Washington Posts:5,526 Points:1,234,975 Joined:May 2006	Message Posted: Sep 3, 2010 4:23:06 PM Ignore eddmac Report Abuse 11% vs 89% BP give me a break. I know they won't anyway. :^) [Edited by: eddmac at 9/3/2010 4:23:54 PM EST]
JOHNNY95206 Champion Author Stockton Posts:2,788 Points:307,455 Joined:May 2008	Message Posted: Sep 3, 2010 2:52:45 PM Ignore JOHNNY95206 Report Abuse I guess if they lose 11% of it global production they are going bankrupt. NOT!!!
esquared Champion Author Oklahoma City Posts:6,092 Points:1,575,925 Joined:Jan 2006	Message Posted: Sep 3, 2010 2:25:11 PM Ignore esquared Report Abuse Hmmm.... Only 11% of BP's production is from the Gulf of Mexico. Seems to me they're probably making a bit of a profit on the other 89% of their production fields.
jb107 Champion Author New Jersey Posts:7,218 Points:2,155,785 Joined:Sep 2005	Message Posted: Sep 3, 2010 2:01:51 PM Ignore jb107 Report Abuse BP is right.
lgwhitlock Champion Author Chico Posts:5,135 Points:1,224,445 Joined:Jun 2008	Message Posted: Sep 3, 2010 1:58:17 PM Ignore lgwhitlock Report Abuse Most people do not know how business operates. They often spend money as fast as it comes in with little cash reserves. That is why public companies don't pay large dividends but just a few cents per share. It is rare that a company pays big dividends. With the hit BP has taken in the cleanup and the talks of possibly being taken over or declaring bankruptcy I am not to surprised at what they are saying. Oil companies make big bets developing oil wells and hope that a percentage of them make profits knowing some will fail. All in all they can make big money at times because they gamble. Congress should look very closely at this and more as they amend or develop new regulations or give better teeth to the existing regulations...
10k Champion Author North Carolina Posts:16,606 Points:1,788,845 Joined:May 2006	Message Posted: Sep 3, 2010 1:56:21 PM Ignore 10k Report Abuse BP could have a point there, if BP was not a member of the "gouging club", making obscene profits.. then again, congress plays the same game BP does-making obscene profits off our taxes..congress just knows how to waste it better than BP does..
runway12 Champion Author Tacoma Posts:2,906 Points:580,455 Joined:Aug 2008	Message Posted: Sep 3, 2010 1:54:11 PM Ignore runway12 Report Abuse I have to ask why do people just lay down and blame one person for forcing an industry to be accountable while conducting business. Is it because they love their Bubba Shrimp with a pinch of crude? The "killing jobs argument" I just don't buy when many industries were axing thousands of jobs during the previous administration's reign. I find it very interesting the whole blame game and saying no instead of calling for accountability and responsibility.
jeromehasbargen Champion Author Minnesota Posts:3,204 Points:627,745 Joined:Jan 2009	Message Posted: Sep 3, 2010 1:52:59 PM Ignore jeromehasbargen Report Abuse If they don't drill here they will drill off another country's shore.
WonderfulMI Champion Author Michigan Posts:9,031 Points:1,321,855 Joined:Jun 2008	Message Posted: Sep 3, 2010 1:39:11 PM Ignore WonderfulMI Report Abuse BP's advertising budget does not seem to be hurt. This year BP has spent three time what they spent for the same months last year. If BP can triple their advertising budget, they must have some cash stashed.
sailormon Champion Author Michigan Posts:3,172 Points:720,770 Joined:Jul 2007	Message Posted: Sep 3, 2010 1:38:43 PM Ignore sailormon Report Abuse THEY may not have enough money??!!! Yea, right!
bills55 Champion Author San Diego Posts:2,207 Points:513,955 Joined:Sep 2009	Message Posted: Sep 3, 2010 1:33:08 PM Ignore bills55 Report Abuse Sounds like a threat to me.
cntrlfrk Rookie Author Oakland Posts:94 Points:140,310 Joined:Feb 2009	Message Posted: Sep 3, 2010 1:18:47 PM Ignore cntrlfrk Report Abuse Is this a threat!!!!
milespergallon Champion Author Illinois Posts:7,503 Points:1,480,590 Joined:Feb 2007	Message Posted: Sep 3, 2010 1:16:54 PM Ignore milespergallon Report Abuse This makes so much sense that I do not think 1600 Pennsylvania Ave can actually grasp it. Not only would it hurt the already over the 'hope' of 8% unemployment but it would 'change' the actual ability to recover. Ahahahahahahahaha. What a joke we have in the 'd'ecrepid 'c'ity! Make a change November 2nd! And again in another two years, if we survive.
Bigmace Veteran Author New York Posts:406 Points:39,745 Joined:Aug 2005	Message Posted: Sep 3, 2010 1:14:04 PM Ignore Bigmace Report Abuse This is an example of blackmail. They should have thought about their costs before they cut safety measures that caused the explosion in the first place.
Black Wagon Champion Author Illinois Posts:5,002 Points:1,417,800 Joined:Mar 2004	Message Posted: Sep 3, 2010 1:13:16 PM Ignore Black Wagon Report Abuse What if people boycot BP?
altonb1 Champion Author Pennsylvania Posts:6,900 Points:1,055,620 Joined:Jul 2005	Message Posted: Sep 3, 2010 1:12:26 PM Ignore altonb1 Report Abuse Another example of Obama killing jobs.
Zonk Champion Author Michigan Posts:4,132 Points:1,639,075 Joined:Oct 2005	Message Posted: Sep 3, 2010 1:11:48 PM Ignore Zonk Report Abuse I support BP on this.
2go2 Sophomore Author Michigan Posts:170 Points:962,100 Joined:Jul 2006	Message Posted: Sep 3, 2010 1:08:51 PM Ignore 2go2 Report Abuse obamas drilling moratorium is harmfull radical nonsense, imo. kneejerKING nonsense. [Edited by: 2go2 at 9/3/2010 1:11:09 PM EST]*
beachbumCA Champion Author Riverside Posts:10,459 Points:1,206,350 Joined:May 2008	Message Posted: Sep 3, 2010 1:08:37 PM Ignore beachbumCA Report Abuse Lets just get all of our oil from others. Lets just keep sending money to others.
rippinusoff Champion Author Lexington Posts:5,059 Points:1,022,975 Joined:May 2007	Message Posted: Sep 3, 2010 1:07:25 PM Ignore rippinusoff Report Abuse garbage
Tamba10 Sophomore Author Twin Cities Posts:112 Points:13,715 Joined:Aug 2010	Message Posted: Sep 3, 2010 1:04:26 PM Ignore Tamba10 Report Abuse Then thats a bad news, oh well i never liked it at all.
TDIdave Champion Author California Posts:2,807 Points:776,275 Joined:May 2006	Message Posted: Sep 3, 2010 1:03:40 PM Ignore TDIdave Report Abuse BP: that's just terrible. I really don't believe you just won't have the revenues to do the cleanup. That is total BS! I can't wait till they find BP criminally negligent for the gusher.
bama56 Champion Author Alabama Posts:1,850 Points:964,120 Joined:Nov 2008	Message Posted: Sep 3, 2010 1:02:33 PM Ignore bama56 Report Abuse excuses
RabunDog Champion Author Georgia Posts:2,035 Points:819,635 Joined:May 2009	Message Posted: Sep 3, 2010 1:01:49 PM Ignore RabunDog Report Abuse And who's fault is it - BP's
shenna Champion Author Ontario Posts:2,843 Points:718,595 Joined:Jul 2008	Message Posted: Sep 3, 2010 1:01:23 PM Ignore shenna Report Abuse i agree with 19sheldon43
19sheldon43 Champion Author Los Angeles Posts:2,322 Points:517,780 Joined:Jul 2009	Message Posted: Sep 3, 2010 12:58:19 PM Ignore 19sheldon43 Report Abuse "Warning", sounds more like a threat to me. We should call their bluff.
ladyfly24 Sophomore Author Gasbuddy Posts:238 Points:20,340 Joined:Jul 2010	Message Posted: Sep 3, 2010 12:55:44 PM Ignore ladyfly24 Report Abuse Who do you believe BP or government they are both crooks.
Buck_on_Bass Champion Author Tennessee Posts:5,185 Points:1,041,265 Joined:Jul 2007	Message Posted: Sep 3, 2010 12:53:54 PM Ignore Buck_on_Bass Report Abuse Is George Miller just a minion of Pelosi? Does the text of the amendment allow the offender to partner with someone that does have a lease? Are the lives one through nine not significant? This looks like an attack on BP since an Interior Department official claims that the agency already has the authority to deny a company guilty of safety or environmental regulations the right to bid on offshore leases. [Edited by: Buck_on_Bass at 9/3/2010 12:54:41 PM EST]
copperhead8 Champion Author Boston Posts:14,848 Points:2,357,050 Joined:Dec 2004	Message Posted: Sep 3, 2010 12:53:00 PM Ignore copperhead8 Report Abuse Whatever...
geoutpb Champion Author Midland Odessa Posts:2,792 Points:709,280 Joined:Dec 2006	Message Posted: Sep 3, 2010 12:51:23 PM Ignore geoutpb Report Abuse Sounds like a plan.
Bud122CA Champion Author California Posts:5,223 Points:1,147,910 Joined:Jul 2008	Message Posted: Sep 3, 2010 12:49:59 PM Ignore Bud122CA Report Abuse Gov't should inspect and make sure things are safe but let the companies drill!!!
52MPG Champion Author Dayton Posts:4,914 Points:1,278,480 Joined:Apr 2006	Message Posted: Sep 3, 2010 12:46:50 PM Ignore 52MPG Report Abuse Sounds like simple logic.
uglytom Champion Author Florida Posts:5,683 Points:1,189,935 Joined:Jul 2007	Message Posted: Sep 3, 2010 12:43:30 PM Ignore uglytom Report Abuse You can not take their ability to make profits if you want them to make payments for ALL the damage they caused.
BWD Champion Author Charleston Posts:3,116 Points:1,760,940 Joined:May 2004	Message Posted: Sep 3, 2010 12:42:28 PM Ignore BWD Report Abuse Cry me a river!
quattro02 Champion Author Twin Cities Posts:2,239 Points:171,775 Joined:Nov 2003	Message Posted: Sep 3, 2010 12:40:00 PM Ignore quattro02 Report Abuse That is a load of crap. BP has money coming out their ears. Go back and add up their profits for the last dozen quarters or so and compare it to the fund they agreed to set up.
Helms Champion Author Fort Worth Posts:4,726 Points:1,495,070 Joined:Jun 2005	Message Posted: Sep 3, 2010 12:32:38 PM Ignore Helms Report Abuse because its based on common sense....some thing the numbskulls in DC severely lack!!
Ken2OD Champion Author Grand Rapids Posts:6,683 Points:1,508,050 Joined:Dec 2005	Message Posted: Sep 3, 2010 12:32:18 PM Ignore Ken2OD Report Abuse The fox should not be dictating how to run the hen-house.
suzyq2007 Champion Author Dallas Posts:5,030 Points:1,222,025 Joined:Oct 2007	Message Posted: Sep 3, 2010 12:30:28 PM Ignore suzyq2007 Report Abuse this is probably at least partially true
mfeldstein Champion Author Ottawa Posts:6,127 Points:1,525,610 Joined:Feb 2007	Message Posted: Sep 3, 2010 12:30:17 PM Ignore mfeldstein Report Abuse Bullfarkle. BP's pockets are deep enough to meet all their obligations. They have the capacity to do most anything .... except, it appears, save their reputation.
unicornpmb Champion Author Buffalo Posts:6,122 Points:1,163,450 Joined:Sep 2005	Message Posted: Sep 3, 2010 12:29:28 PM Ignore unicornpmb Report Abuse Liars. Ban all their products in the US if that happens. I know, we just hurt the innocent if that happens. This is a no win situation.
OGW Champion Author London Posts:3,347 Points:1,114,030 Joined:Sep 2005	Message Posted: Sep 3, 2010 12:26:14 PM Ignore OGW Report Abuse BP's stance is ridiculous. Their assets from all other sources are far greater than the costs they will endure in the Gulf even if offshore permits are denied. This is the usual ploy of multi-nationals if they don't get their way. If they don't like it, then just seize all their North American assets. Did not anyone notice that they have still continued to make big money during this crisis? BP are just looking to get a backlash reaction from the portion of the public that do not understand how multi-natuionals operate and hoping those people will spur their vote seeking candidates in the upcoming elections to turn down the proposal. Just plain sword rattling.
tarheelcoastie Champion Author Greensboro Posts:3,008 Points:663,495 Joined:Jan 2009	Message Posted: Sep 3, 2010 12:21:46 PM Ignore tarheelcoastie Report Abuse BS - BP is trying to blackmail Congress.
Bruno44 Champion Author Texas Posts:4,851 Points:1,323,975 Joined:Sep 2007	Message Posted: Sep 3, 2010 12:20:41 PM Ignore Bruno44 Report Abuse Time to start blaming congress & BHO for their terrible mistakes.
NanookAK Champion Author Anchorage Posts:4,531 Points:975,090 Joined:Nov 2007	Message Posted: Sep 3, 2010 12:19:29 PM Ignore NanookAK Report Abuse Now their true actions and plans are coming to light. They previously said that they would clean up the area. Now they are saying they will clean it up if......... All oil companies are the same. Looks like Exxon Valdez all over again.
BM4225 Champion Author Atlanta Posts:7,926 Points:1,668,535 Joined:Aug 2006	Message Posted: Sep 3, 2010 12:17:43 PM Ignore BM4225 Report Abuse Sounds like blackmail to me, but then again they learned from the best.
CISA Champion Author Orange County Posts:4,450 Points:1,102,475 Joined:Dec 2006	Message Posted: Sep 3, 2010 12:13:12 PM Ignore CISA Report Abuse common sense!
randog Champion Author Detroit Posts:6,841 Points:1,223,380 Joined:Aug 2005	Message Posted: Sep 3, 2010 12:12:29 PM Ignore randog Report Abuse And of course it will cause gas prices to increase. Don't knock BP for stating the obvious. Knock Obama and his envirowhacko chorus for sabotaging and the US energy supply and skyrocketing costs for years to come.
pgerassi Champion Author Milwaukee Posts:8,521 Points:1,667,725 Joined:Apr 2007	Message Posted: Sep 3, 2010 12:12:10 PM Ignore pgerassi Report Abuse Yes, SOSO!