BP (NYSE:BP) oil said today that it is planning on beginning a $100 million fund for unemployed rig workers. It will be a charitable fund for those workers experiencing economic hardship caused by the drilling moratorium forced by the United States Government.
BP's Managing Director Bob Dudley said, "The Baton Rouge Area Foundation has a strong track record of meeting community needs, and we are quite confident the foundations will respond effectively to assist the rig workers who today are struggling to make ends meet."
On June 16th BP said they planned on setting up a voluntary fund as a gesture of good will for the people of the Gulf Coast Region. What's being called The Rig Worker Assistance Fund will be handled by The Gulf Coast Restoration and Protection Foundation.
Foundation president and CEO, John G. Davies said, "The foundation is committed to moving as quickly as we can to write grants from this donation by BP. This agreement with BP came together over about three weeks, and we are moving rapidly to create the guidelines related to this grant program. We expect to release all the details of the program within two weeks, than to begin taking applications for grants September 1st."
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