How BP got bailed out by taxpayers
August 9, 2021
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It’s been a rough year for the global oil and gas industry, and the last few months have seen BP pay $2.8 billion in penalties and fines for violating the Clean Water Act and the U.S. Clean Water Rule.
But BP didn’t just get off easy, it also got a new lease on life.
BP and other oil companies have been bailed out in a deal that would allow them to refinance on the cheap in the years ahead.
BP said it will pay $10.9 billion to the U,S.
and foreign governments over the next 10 years, and will repay the debt through dividends and share buybacks.
The company said it’s also paying $1 billion in interest over that time period, which it hopes to recoup by selling bonds to the public.
The deal also gives the U
