Arab Today, arab today us bp to pay record 208bn over gulf of mexico oil spill
Last Updated : GMT 06:33:12
Arab Today, arab today
Arab Today, arab today

US: BP to pay record $20.8bn over Gulf of Mexico oil spill

Arab Today, arab today

Arab Today, arab today US: BP to pay record $20.8bn over Gulf of Mexico oil spill

The 2010 blaze on BP's Deepwater Horizon oil rig killed 11 people and caused a massive oil spill in the Gulf of Mexico
Chicago - AFP

British energy giant BP will pay a record $20.8 billion to settle government claims for damages stemming from the deadly 2010 Gulf of Mexico oil spill, US Attorney General Loretta Lynch said Monday.

"This historic resolution is a strong and fitting response to the worst environmental disaster in American history," Lynch said at a press conference. "BP is receiving the punishment it deserves, while also providing critical compensation for the injuries it caused to the environment and the economy of the Gulf region."

The spill was sparked by an explosion on the Deepwater Horizon rig which killed 11 men and saw millions of barrels of oil flow into Gulf waters, in one of the worst environmental disasters to strike the United States.

It took 87 days to cap BP's runaway well -- some 5,000 feet (1,500 meters) below sea level off the coast of Louisiana.

Beaches were blackened in five states and the region's tourism and fishing industries were crippled in a tragedy that riveted the nation.

The global settlement resolves the governments' civil claims under the Clean Water Act and natural resources damage claims under the Oil Pollution Act, as well as economic damage claims of the five Gulf states -- Texas, Louisiana, Mississippi, Alabama and Florida -- along with hundreds of local governments.

"With this settlement, federal, state and local governments and the Gulf coast communities will have the resources to make significant progress toward restoring ecosystems, economies, and businesses of the region," said Secretary of Commerce Penny Pritzker.
"We are committed to ensuring the Gulf Coast comes back stronger and more vibrant than before the disaster. If made final, the settlement will provide the US and Gulf states with the resources and certainty needed for effective restoration planning and improvements."

It is the largest settlement with a single entity in the history of the US justice department.

The consent decree filed in federal court includes the following payments from BP:

- $5.5 billion penalty under the Clean Water Act: the largest civil penalty in the history of environmental law, the bulk of these funds will be directed to restoration efforts.

- $8.1 billion in natural resources damages, which includes the $1 billion BP already committed to pay for early restoration. BP will also pay up to $700 million if additional damages to natural resources are discovered.

- $600 million for other claims which include the cost of the natural resource damage assessment and other expenses.

The British energy giant also entered into separate agreements to pay $4.9 billion to the five Gulf states and up to a total of $1 billion to several hundred local governmental bodies to settle claims for economic damages they have suffered as a result of the spill.

BP's total cumulative pre-tax costs for the disaster were $54.6 billion as reported in its second quarter results in July.

It had initially estimated the cost of the global settlement to be $18.7 billion when the deal was announced in July. The government set the total at $20.8 billion as a result of a refinement of the cost analysis also including some funds BP had already committed to pay, Lynch told reporters.

The cost to BP of the initial response was more than $14 billion.

BP pleaded guilty in 2013 to 11 counts of felony manslaughter in a $4.5-billion deal to settle criminal charges.

BP had previously established a $20 billion trust fund to cover compensation claims. It has paid out more than $13 billion, the bulk of which went to individuals and businesses.

It has been able to recover some of the costs from its well partners.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us bp to pay record 208bn over gulf of mexico oil spill Arab Today, arab today us bp to pay record 208bn over gulf of mexico oil spill

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us bp to pay record 208bn over gulf of mexico oil spill Arab Today, arab today us bp to pay record 208bn over gulf of mexico oil spill

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Taxi! Transport gets an overhaul

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Turkey warns of 'security' steps

GMT 12:17 2017 Sunday ,24 September

Turkey warns of 'security' steps
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday