On behalf of Rock Palermo of Veron, Bice, Palermo & Wilson, LLC posted in Oil and Gas on May 02, 2013.
On Tuesday, Louisiana Gov. Bobby Jindal announced that British oil giant BP had agreed to pay $340 million to rehabilitate four barrier islands in the Gulf of Mexico that protect Louisiana's mainland from ocean-borne storms.
The four islands are Chenier Roquille, North Breton Island, Shell Island and Whiskey Island, all of which are in Barataria Bay.
BP will also create two fish hatcheries in Louisiana, one of which will be in Lake Charles. The other will be in Pointe-a-la-Hache in Plaquemines Parish.
BP, of course, is the oil and gas company responsible for the 2010 Deepwater Horizon disaster, which remains one of the disastrous environmental tragedies in U.S. history. BP has committed to spending $1 billion towards work remant to repair the effects of that disaster.
Although this is certainly welcome news, it still did not earn BP much love from Louisiana politicians. Several of them, including Jindal, expressed their feeling that the funds are overdue and that BP has been dragging its feet instead of enthusiastically embracing its responsibilities. Sen. Mary Landrieu (D-La.) said delivery of these projets was tardy and that a "fresh resolution" to the issue of how BP will address the Deepwater Horizon disaster's negative environmental legacy is needed.
BP, however, has claimed that it has put up the necessary funds in a timely manner and the relevant government authorities have been tied up in actually getting the money distributed.
To us, it comes as no surprise that an oil and gas company is shifting the blame to someone else. There is no shortage of examples of such companies apparently doing what they can to dodge their responsibilities.
Regardless, we hope this $340 million is put to good use and has some benefit.
Source: The Huffington Post, "BP's Settlement in Louisiana Will include $340 Million For Gulf Restoration, Governor Says," Janet McConnaughey, May 1, 2013
Tags: Oil and Gas