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Share Price Information for BP (BP.)

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Share Price: 500.50
Bid: 499.75
Ask: 499.90
Change: -3.20 (-0.64%)
Spread: 0.15 (0.03%)
Open: 498.00
High: 500.50
Low: 490.65
Prev. Close: 503.70
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U.S. lawmaker urges DOJ not to rush BP clean water decision

Tue, 12th Feb 2013 18:40

WASHINGTON, Feb 12 (Reuters) - A Republican lawmaker hasurged U.S. authorities not rush to settle with BP Plc under the U.S. Clean Water Act in a court case starting thismonth related to the 2010 Deepwater Horizon oil spill.

David Vitter, the top Republican on the Senate Committee onEnvironment and Public Works, said in a letter to AttorneyGeneral Eric Holder on Tuesday that he was concerned BP "maytake advantage of the overlap" between two laws "to continueintentionally slow-walking restoration efforts" under a relatedNatural Resources Damage Assessment, or NRDA.

After the April 2010 explosion on the Transocean rig in theGulf of Mexico, 4.9 million barrels of oil spewed into the Gulfover 87 days. Shorelines from Texas to Florida were fouledbefore responders could cap the mile-deep (1.6 km) well.

BP could face massive civil penalties of up to $21 billionif found to be grossly negligent for the worst offshore oilspill in U.S. history. The Justice Department will make its caseat a trial starting in New Orleans on Feb. 25.

The company already agreed in January to pay a record $4billion in criminal penalties for the Deepwater Horizondisaster, related to workers' deaths and other charges.

Even though the potential payout under the Clean Water Actis massive, if BP is allowed to settle before agreement isreached on separate penalties expected under the NRDA, statesmight rush to pay for clean-up projects using the CWA dollars,Vitter, from Louisiana, said in the letter.

Those funds "may be misdirected to restoration projects thatshould be covered by NRDA dollars," he said.

"I ask that the Department of Justice not settle with BP forfines due under the Clean Water Act until agreement on theresponsibility for Natural Resources Damage Assessment has beenreached," Vitter said.

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