Thursday, June 17, 2010

House members spar over BP fund at hearing

June 17, 2010, 10:41 a.m. EDT

By Steve Gelsi

"NEW YORK (MarketWatch) -- Members of a House Energy subcommittee on Wednesday sparred over the $20 billion escrow fund that BP PLC (BP 31.96, +0.11, +0.35%) agreed to set up for victims of the Deepwater Horizon oil spill. Joe Barton, R., Texas, said the fund amounted to a "shake-down" of BP that has no legal standing and sets a "terrible precedent" for the future."

From the Office of Congressman Joe Barton website:

"A proponent of competition, Barton is additionally responsible for both the first electricity deregulation legislation to pass a House subcommittee, and for legislation which deregulated the natural gas industry. "...

...He returned to Texas in 1982 as a natural gas decontrol consultant for Atlantic Richfield Oil and Gas Company before being elected to Congress."...

...And... "
In order to achieve these goals, I was a primary author of H.R. 6, the Energy Policy Act of 2005. The President signed this bill into law in August of 2005."

Links to the Energy Policy Act of 2005:

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