BP Selling Spilled Crude for charity?

RAY HENRY
Associated Press Writer
8:07 a.m. CDT, June 12, 2010

NEW ORLEANS (AP) — Oil from the nation's worst spill could soon end up at gas stations, construction sites and even grocery stores once BP sells the crude taken from a ruptured well in the Gulf of Mexico to raise money for wildlife protection.

Energy giant BP PLC announced this week it will donate its share of the proceeds generated by selling the oil captured from the well to fund efforts to protect and restore wildlife habitat along the Gulf Coast.

The company has not released specifics on how the fund will work and said it doesn't know how much money might be raised. But once the oil is brought to shore, it will creep into the world's economic supply chain unnoticed by consumers.

http://www.chicagotribune.com/business/sns-ap-us-gulf-oil-spill,0,1622568.story

Under its operating agreement, BP gets 65 percent of the net revenue made by selling oil from the leak site. After deducting for royalty payments owed to the government, it will donate its share of the proceeds to the wildlife fund. Anadarko Petroleum Corp., which is entitled to 25 percent of the oil revenue, is still discussing what do with its share of the money when the oil is sold, Anadarko spokesman Matt Carmichael said.

Why wait for proceeds? Why not offer to give 50 billion without strings attached?