Gulf States agree to BP settlement, now waiting for judges approval

The State of Florida along with the states of Alabama, Louisiana, Mississippi, and Texas and the federal government has approved a settlement to resolve claims against BP arising from the 2010 BP Oil disaster in the Gulf of Mexico.

The settlement would resolve the natural resource damage claims under the Oil Pollution Act, civil claims under the Clean Water Act, and the remaining economic damage claims of the five Gulf States and municipalities.

Taken together the settlement is worth more than $20 billion dollars Over a 15 year period.

If the settlement is approved by the judge overseeing the case, there would be about $5.1 billion dollars of Clean Water Act penalties that could be spent beginning next year. 

Another $8.1 billion will be spent for natural resource damages. 

A separate agreement has BP paying $5.9 billion for state and local economic damages.

The Deepwater Horizon drilling rig suffered a blowout on April 10, 2010 just off the coast of Louisiana.

It’s believed at least three million barrels of oil leaked into the Gulf of Mexico over a three month period.

Oil slicks extended more than 43,000 square miles and oil washed up along 1,300 miles of coastline from Florida to Texas.

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