As unbelievable as it may sound, BP (NYSE:BP) is getting a $308 million grant from the federal government. The money is to be used to build a power plant on cotton and alfalfa fields in California's farmland. Part of the money is coming from federal programs while the other part is coming from stimulus funds.
The part coming from the stimulus funds alone is the second largest amount given to a corporation, and the largest in the country benefiting private interests. The grant was announced last year by The U.S. Department of Energy to Hydrogen Energy California, a joint partnership with BP.
Tom Frantz, a local environmental advocate said, "If you're trying to get money out of them, why are you giving them money? If I was the government right now, I would not give BP $300 million to do anything."
When questioned, BP declined comment, but CEO Tony Hayward in 2007 said during the announcement of this venture that, "projects such as these have the potential to help deliver the carbon emission reductions which companies and countries around the world are now seeking."
Showing posts with label Carbon Emissions. Show all posts
Showing posts with label Carbon Emissions. Show all posts
Monday, August 9, 2010
Friday, July 23, 2010
Energy Bill Will Hold Companies Like BP (NYSE:BP) Oil Accountable
The scaled down energy bill is expected to be introduced next week which will hold oil companies like BP (NYSE:BP) oil accountable. Harry Reid, Senate majority leader wouldn't get into details of the energy bill, but he did say there are four main goals. To hold "BP accountable," to "create clean energy jobs," to invest in the making of natural gas vehicles, and to lessen the U.S. dependency on foreign oil.
This is due to growing opposition in Congress among Republicans and centrist Democrats. They want to see more aggressive measures to curb carbon emissions. Reid said, following a Democratic meeting that he was well aware of the lack of support for a more far reaching bill. He was confident that the efforts would continue to "lay the foundations for a safer and stronger future."
The bill is expected to have a dramatic impact on oil companies with U.S. offshore drilling operations. It can include new regulations on rig safety which would be designed to prevent another oil spill disaster like BP has had. It also may increase the liability amount if there is an accident.
This is due to growing opposition in Congress among Republicans and centrist Democrats. They want to see more aggressive measures to curb carbon emissions. Reid said, following a Democratic meeting that he was well aware of the lack of support for a more far reaching bill. He was confident that the efforts would continue to "lay the foundations for a safer and stronger future."
The bill is expected to have a dramatic impact on oil companies with U.S. offshore drilling operations. It can include new regulations on rig safety which would be designed to prevent another oil spill disaster like BP has had. It also may increase the liability amount if there is an accident.
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