Latest In

Breaking News

Landrieu Calls For Extension of BP’s Rig Worker Compensation Fund

Sen. Mary Landrieu (D-La.) is calling on BP to extend the deadline to apply for relief under a $100 million compensation fund for rig workers who have lost

Jul 31, 2020
38.3K Shares
3.8M Views
Sen. Mary Landrieu (D-La.) is calling on BP to extend the deadline to apply for relief under a $100 million compensation fund for rig workers who have lost their jobs under the Obama administration’s moratorium on deepwater drilling. The Associated Press reported this week that fewer than 400 people have applied for relief under the program, an indication that few rig workers have been laid off as a result of the moratorium.
But Landrieu, in a lettersent today to BP Chief Managing Director Bob Dudley, said she believes the ongoing moratorium could cause companies to lay off employees in the near future.
The letter said:
According to the administrator of the fund, the Baton Rouge Area Foundation, only 365 applicants have come forward. I believe this is because many companies, to their credit, are keeping their workers on the payroll, despite the uncertainty of knowing exactly when new permits will commence. Yet, with each passing day, their balance sheets take significant hits and it becomes harder for these companies to maintain their employees. As a consequence, the demand for this fund may be on the rise over the next two months or until the moratorium is lifted.
Camilo Wood

Camilo Wood

Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles