BP Tells Congress Drilling Moratorium Could Affect Spill Payouts
Posted Sep 3, 2010 7:54 AM CST
By Debra Cassens Weiss
BP has warned Congress that it could have trouble funding its $20 billion oil spill compensation program if an offshore drilling moratorium is imposed.
BP says a ban could affect both its restoration efforts and compensation programs, the New York Times reports. David Nagle, BP’s executive vice president for BP America, told the Times that a moratorium would have “a substantial impact on our cash flow,” making it “harder for us to fund things, fund these programs.”