BP Exec Warns Congress About Risks of Restricting Offshore Drilling

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Nagel.Photo: Alex Wong/Getty Images

BP is not pleased about proposed legislation for stricter offshore-drilling rules that would bar the company from operating new drilling leases in U.S. waters, arguing that the law would bring about job losses and threaten the nation’s energy security. David Nagel, BP America’s executive vice-president, wrote Speaker Nancy Pelosi and Minority Leader John Boehner Wednesday to say the House bill would have a “drastic impact": “If this provision were to limit our ability to develop new and existing energy sources, it would harm the ongoing effort to increase America’s energy independence,” Nagel wrote. Additionally, Nagel explained that BP is concerned the passing of this measure “could have profound consequences for the Gulf Coast economy and jobs, and for the nation as a whole."

Barring BP From Drilling Would Cost Jobs in U.S., Company Tells Congress [Bloomberg]