Now that it is recovering some of the oil pouring out of the massive leak at the bottom of the Gulf's floor, BP has found another way to try to repair its reputation: the company announced that it has created a new wildlife fund that will benefit from any profits BP makes selling the recovered oil. "BP is committed to protecting the ecosystems and wildlife on the Gulf Coast," said BP CEO Tony Hayward, while making the announcement about the fund. A press release about the fund crows, "The creation of the wildlife fund is the latest example of BP's commitment to help the gulf coast states and their residents." How much money can we expect BP to spend on beleaguered animals? Like other estimates BP has made recently, the company admitted it cannot predict the amount. When asked the question, Hayward issued a statement that simply said, "We believe these funds will have a significant positive impact on the environment." BP collected 14,800 barrels of oil on June 7, and the current price of crude oil front month futures are $72 per barrel. Proceeds from oil recovered from skimming operations will also go into the fund. What Hayward failed to mention, though, is that under the Oil Pollution Act of 1990, BP is required by law to fund clean up and restoration of wildlife in the Gulf damaged by its operations.
Posted by Anne Landman on June 09, 2010