Out to lunch, take 2.
syncro on June 17, 2010 - 12:12am
Dumber than a fence post is an accurate description, if I may borrow it from oldfarmermac. Does anyone follow the logic? I think the fumes from all of the oil pac money he gets in contributions have taken a toll.
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Miss gov.: $20B escrow by BP might hurt, not help
By EMILY WAGSTER PETTUS (AP) – 5 hours ago
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.
Millions of gallons of oil have gushed into the Gulf since a BP well ruptured eight weeks ago off the Louisiana coast.
"We need them to generate revenue to be able to pay us," said Barbour, a Republican. "I worry that this escrow account reduces the chance of that rather than increasing the chances of that."
Barbour said he has "no objection" to Obama's decision to appoint former Mississippi Gov. Ray Mabus to develop a long-term Gulf Coast Restoration Plan. Obama said BP will pay for the plan, and Mabus is to work with local communities to develop it.
"If this is really what it sounded like — that is, the federal government is going to make a long-term plan for the gulf states — then it's a terrible idea," Barbour said. "Mississippians will decide about Mississippi's future."
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