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.

Louisiana Wants BP (NYSE:BP) Oyster Money Now

BP (NYSE:BP) has been asked by Louisiana's congressional delegation to help the state with its oyster industry as soon as possible.

The state claims they requested $15 million in November so they could begin the work of repairing the damaged oyster beds from the Gulf of Mexico oil spill.

U.S. Sen. Mary Landrieu, D-La., said the oyster beds need to be repaired before the spawning season, which occurs in the spring. Oyster production in the region has fallen off its normal levels since the spill.

Not only has BP not given the money to the state, but the Louisiana congressional delegation says they haven't yet responded to the November request.

BP closed Thursday at $45.93, up $0.10, or 0.22 percent.