Wednesday, September 29, 2010

BP's (NYSE:BP) Money Should Go to Gulf States Says Feds

While it may seem obvious, and it is, the federal government decided to write a 130-page report on why the Gulf states should be the ones receiving the bulk of the money paid by BP (NYSE:BP) for the oil spill.

It wasn't said, but definitely implied, that there are many people and/or institutions attempting to get a share of the money even though they weren't affected.

Obvious ones are the arrogant so-called scientific institutions and universities who seem to think someone owes them this money just because they exist. Of course it's put in terms that they are the great authorities on the subject.

This of course is sure to be the case with those in health fields and economics as well, who in a time of shortages are attempting to treat BP as if they're a government which they can tap for funds.

Concerning fines associated with the Clean Water Act, which are estimated to end up anywhere from $5 billion to $20 billion, according to Rep. Steve Scalise, R-La, the law must be changed in order to keep most of that money in the Gulf region.

Lawmakers from Louisiana have already introduced bills in the House and Senate to get that part of the process moving.

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