All posts tagged "Escrow"

Oil giant BP is telling lawmakers that if it isn't allowed to get new offshore drilling permits in the Gulf, it will not be able to afford to pay for the damage caused by the Deepwater Horizon oil spill, the New York Times reported in its Friday edition.

Rep. Joe Barton (R-TX) may have apologized for apologizing to BP last week, but Democrats on the Hill aren't letting go of the controversial remarks, and are using them to fundraise and to paint the Republicans as a party that defends the interests of big business at any cost.

Congressman Joe Barton hasn't had many defenders since his apologized to the CEO of BP at a Congressional hearing on Thursday. But Fox Business Network host Stuart Varney believes the Texas Republican had a valid point in describing White House pressure for BP to establish a $20 billion escrow fund as a government "shakedown."