Wednesday, July 28, 2010

Who pays for half of BP's $20B oil spill disaster relief fund?

YOU do!

As BP announced a $17 billion second-quarter loss, it said it would incur a charge of $32 billion from the Gulf oil spill response - - and thus claim a nearly $10 billion tax credit.

It turns out that the awesome $20 billion fund that Obama squeezed out of BP is as big a sham as . . . the administration that squeezed it out of them.

Isn't it funny that no one mentioned at the time that a U.S government tax credit would pay for half of the fund?

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