AP – Barbour wants BP escrow money used to generate revenue so they can pay up

JACKSON, MISS. — Mississippi’s governor said Wednesday he’s not sure the federal government should have made BP put $20 billion into escrow to compensate victims of the Gulf of Mexico oil spill because the company needs it to drill more wells and make money so it can pay up.

President Barack Obama insisted BP set the money aside, and the company agreed to put $5 billion a year into the fund for the next four years.

“If they take a huge amount of money and put it in an escrow account so they can’t use it to drill oil wells and produce revenue, are they going to be able to pay us?” Gov. Haley Barbour told The Associated Press in a telephone interview Wednesday.

Read more at the Washington Examiner

AP
6/16/10