Idea of the Day: Earmarking BP’s Money in Escrow for Clean Up and Compensation
The BP Gulf Coast rig explosion is a horrible human, economic, and environmental disaster. The death of 11 employees is tragic. The spill could devastate the Gulf Coast commercial and sport fishing industries for years to come, as well as ravaging the region’s tourism economy. Louisiana’s seafood industry alone is worth $2 billion annually.
The rig explosion causes what CNN reports officials say “could become one of worst spills in U.S. history.” Tragically, there are 11 missing rig employees were killed. The well continues to leak at least 210,000 gallons of oil per day into the Gulf of Mexico—five times the original estimate, and it could be much more. This growing oil slick already covers an area larger than West Virginia and and oozed onto the Louisiana shore this past weekend. A major portion of the oil slick looms only five miles offshore. This major oil spill could be the worst environmental disaster since the Exxon Valdez spill in 1989, and it is a tragic reminder that we must dramatically reduce our oil use.
BP made $163 billion in profits from 2001-09 and $5.6 billion in the first quarter of 2010. Therefore, BP should be required to place its first quarter profit of $5.6 billion in an escrow account to provide compensation to the fishermen, those in the tourist industry, and others whose livelihoods are threatened. These funds should also be used for cleaning up the soon to be blighted shores.
For more on this topic please see:
To speak with our experts on this topic, please contact:
Print: Liz Bartolomeo (poverty, health care)
202.481.8151 or firstname.lastname@example.org
Print: Tom Caiazza (foreign policy, energy and environment, LGBT issues, gun-violence prevention)
202.481.7141 or email@example.com
Print: Allison Preiss (economy, education)
202.478.6331 or firstname.lastname@example.org
Print: Tanya Arditi (immigration, Progress 2050, race issues, demographics, criminal justice, Legal Progress)
202.741.6258 or email@example.com
Print: Chelsea Kiene (women's issues, TalkPoverty.org, faith)
202.478.5328 or firstname.lastname@example.org
Print: Benton Strong (Center for American Progress Action Fund)
202.481.8142 or email@example.com
Spanish-language and ethnic media: Jennifer Molina
202.796.9706 or firstname.lastname@example.org
TV: Rachel Rosen
202.483.2675 or email@example.com
Radio: Sally Tucker
202.482.8103 or firstname.lastname@example.org