BP Finalizes $20 Billion for Deepwater Horizon Settlement
BP and the five Gulf of Mexico states impacted by the 2010 Deepwater Horizon oil spill disaster, along with the U.S. Department of Justice, agreed to a record-setting $20 billion consent decree, closing the door on the settlement.
The agreement carves out $8.1 billion for ecosystem restoration projects aimed at repairing specific damage related to the spill, and $5.5 billion in Clean Water Act civil penalties, 80 percent of which will be sent back to the Gulf Coast states under the RESTORE Act. As much as $5.9 billion could separately go to states and communities to resolve economic claims and up to $700 million will be set aside to repair unexpected environmental damage from the spill that could arise in the future.
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