80% of BP (BP) Fines to be Directed Toward States

Louisiana Sens. Republican David Vitter and Mary Landrieu are working on legislation which would give the U.S. Gulf Coast states about 80 percent of the revenue from fines imposed on BP (NYSE:BP).

Vitter said at a committee hearing that he and Landrieu want to distribute the bulk of the fines to the states affected by the disaster.

The two also want the Obama administration to start boosting the number of permits to drill in the Gulf area, as it continues to withhold permits from the majority of companies applying for them.

Essentially, other than a couple of exceptions, the moratorium is practically still in place, even though it was officially lifted some time ago from political expediency by Obama.

BP closed Wednesday at $43.25, down $0.52, or 1.19 percent.