BP Oil Spill Settlement
Today BP agreed to an $18.7B settlement agreement regarding its role in the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. The settlement effectively ends all federal and state claims against the oil giant. Here is a breakdown of that $18.7B figure:
- $5.5B for violation of the Clean Water Act;
- $7.3B for damage to natural resources;
- $4.9B for state claims (LA, MS, AL, FLA);
- $1.0B in claims by local governments.
This outcome is the largest environmental law settlement in US history.
Benefits […]