Thursday, July 15, 2010

BP (NYSE:BP) Hit with 7 Year Ban on New Offshore Drilling

If a proposed measure by a US Congressional committee passes both houses of Congress, BP would be banned from any new offshore drilling for the next seven years.

The parameters of the new law would entail any company which has had 10 deaths or more in the past 7 years. While not named specifically, it's an obvious reference to BP.

Although it takes in the 11 workers killed from the explosion on the Deepwater Horizon, BP also was involved in the deaths of 15 workers in a Texas refinery accident in 2005.

The immediate draft calls for the guidelines to include deaths at refineries, drilling or producton facilities, while also breaking US environmental or health laws.

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