Tuesday, August 17, 2010

Texas Receives Full BP (NYSE:BP) Cleanup Check

In what will probably be one of the smallest checks BP (NYSE:BP) writes for a while, at least to companies or institutions, they sent a check to Texas for $175,000 to pay for the amount the Lone Star state billed them for the cleanup of Galveston beach, which was $174,295.

Tar balls proven to be from the Macondo oil spill washed up on the Galveston beach and had to be cleaned up during the Fourth of July weekend.

The tar balls ended up on McFaddin Beach, which when tested in July were confirmed to have come from the oil well leaking into the Gulf of Mexico.

The way the state of Texas works in situations like this, is if it is proven scientifically to be associated with a specific source, they will then bill the entity for the resources used.

If they are unable to identify the source, then payment comes from a tax they impose on oil barrels imported from other countries.

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