House Committee Proposes Bill Banning BP From US Offshore Leases For 7 years

tony hayward

Anyone still invested in BP should pray this doesn’t pass: a 7-year ban on new US offshore leases.


A House panel on Wednesday voted to ban BP PLC (BP, BP.LN) from obtaining new offshore leases or drilling permits for as many as seven years if the company winds up paying substantial civil penalties and criminal fines in connection with a prolonged oil spill in the Gulf of Mexico.

The bill was introduced by Rep George Miller (D-Calif), an ally of Nancy Pelosi and former chairman of the natural resources committee. He’s a top Democrat, but that doesn’t mean this provocative bill will pass.

A US offshore ban would devastate BP, which earlier this year named the Gulf as its key growth region.

Don’t miss: 20 Things You Should Know Before You’re Even Tempted To Invest In BP

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