BP pledges money from captured oil to aid wildlife

Money from any oil collected and sold from BP’s leaking oil well will go toward a fund that helps restore and improve wildlife habitat in the four states most damaged by the nation’s largest oil spill. Although thousands of barrels of oil continue to spew into the Gulf of Mexico each day from BP’s broken well, the energy company is salvaging much of it, using a containment device installed last week. That captured oil could generate more than $1.4 million in revenue each day, based on flow-rate estimates calculated by federal officials. The firm said it doesn’t know how much money it will donate, but all net revenue from the well will go to the fund. So will the net revenue from oil skimmed from the gulf’s surface and sold to a refinery for processing. The wildlife fund will create, restore, improve, and protect wildlife habitat along the coastlines of Louisiana, Mississippi, Alabama, and Florida, BP chief executive Tony Hayward said. BP said it will continue to donate all net revenue from the well until it “is killed and oil is no longer coming from this source.” More…

News selected by Covalence | Country: USA | Company — Ethical Quote link: BP | Source: The Blade