BP Oil Spill - Tony Hayward's Testimony Part 11 (2010-17)

June 17, 2010 http://www.amazon.com/gp/redirect.html?ie=UTF8&location=http%3A%2F%2Fwww....

Watch the full testimony: http://thefilmarchived.blogspot.com/2010/08/bp-oil-spill-tony-haywards-testim...

Secretary of the Interior Ken Salazar stated that the disaster would have huge ramifications for energy development in the oceans all around the world. Salazar ordered immediate inspections of all deep-water operations in the Gulf of Mexico. An Outer Continental Shelf safety review board within the Department of the Interior will provide recommendations for conducting drilling activities in the Gulf.

On April 28, the National Energy Board of Canada, which regulates offshore drilling in the Canadian Arctic and along the British Columbia Coast, issued a letter to oil companies asking them to explain their argument against safety rules which require same-season relief wells. Five days later, the Canadian Minister of the Environment Jim Prentice said the government would not approve a decision to relax safety or environment regulations for large energy projects. On May 3, Governor of California Arnold Schwarzenegger withdrew his support for a proposed plan to allow expanded offshore drilling projects in California.

According to the U.S. Energy Information Administration (EIA), offshore drilling, just in the Gulf of Mexico, accounts for 23.5% of U.S. oil production. The chief argument in the U.S. offshore drilling debate has been to make the United States less dependent on imported oil. American dependence on imports grew from 24% in 1970 to 66% in 2008.

On June 16, at the meeting with President Obama BP executives agreed to create a $20 billion spill response fund. BP has said it will pay $3 billion in third quarter of 2010 and $2 billion in fourth quarter into the fund followed by a payment of $1.25 billion per quarter until it reaches $20 billion. In the interim, BP posts its US assets worth $20 billion as bond. The amount of this fund is not a cap on BP's liabilities. For the fund's payments, BP will cut its capital spending budget, sell $10 billion in assets, and drop its dividend. The fund will be administered by Kenneth Feinberg. According to BP's officials the fund can be used for natural resource damages, state and local response costs and individual compensation but cannot be used for fines or penalties. In addition, BP has agreed to allocate $100 million for payments to offshore oil workers who are unemployed due to the six-month moratorium on drilling in the deep-water Gulf of Mexico.

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[uHoHiMeLLoZz]

"i believe that all accidents are preventable. But I just dont want to spend the money to make sure i dont end the world single handedly." -Thats what I heard, I dont know about anyone else...

[Highwaycrazy]

@xellyia Its because they're british. In england, corrupt people get promoted.

[xellyia]

how the hell did this dumbass CEO get so far up the chain? o__O;;

[Polygonum]

Tony Hayward has no idea what’s going on within BP nor does he know how to take responsibility. The sad thing is that there are many CEO like him in other companies who simply go for the big money and who do everything to get it. Those criminals have taken over society. Even governors have no idea until they are faced with the results. See Scott R. Silverman, RFID and PLD chip producer, to enslave humanity into their fascist NWO agenda. Those are the terrorists #1 on Earth!

[laurenlovesdecember]

@allgoo19 scary part about that is its probabally true.

[allgoo19]

I predict "I apologize." Joe Barton wil be re-elected over and over because of his big sponsor.

The voters are not that smart.

The democracy as we know will collapse in not so distant future.

Energy issue will be more desperate only accelerate the problem.