Thanks to Senators Coburn and McCain for pointing this one out:
BP may have found itself staring down huge financial losses over the past several months, but executives can take solace knowing that a stimulus windfall will help offset them. On September 28, 2009, Hydrogen Energy California, LLC (HECA), owned largely by BP, was awarded $308 million in stimulus funds to “generate more environmentally friendly electricity by capturing carbon dioxide from the burning of fossil fuels.” HECA is a joint venture of BP Alternative Energy North America and Rio Tinto subsidiaries. Stimulus funds “enabled continued development of the HECA project which otherwise would have been cancelled.” Construction is not expected to begin until December 2011, nearly three years after the passage of the Recovery Act, raising serious questions about whether it is anywhere near “shovel-ready.”
Depends on what they’re shoveling, senators.
And remember: This is on top of the $600 million a year or so in subsidies BP collects under a single federal program.