Final BP settlement agreement for $20.8 Billion
On Oct. 5, U.S. Sen. David Vitter (R-La.) issued the following statement regarding the $20.8 billion British Petroleum (BP) settlement agreement for civil claims as a result of 2010 Deepwater Horizon oil spill. This is an increase to the $18.7 billion, which was originally announced in July. Louisiana is expected to receive more than $6.8 billion.
“On April 20, 2010, eleven men tragically lost their lives in a devastating explosion and oil spill off of our Gulf Coast, and in the five years since, Louisiana has done what we do best – recover, rebuild, and progress,” Vitter said. “It’s vitally important to hold BP accountable for the damage and ongoing consequences of the spill, especially when Louisiana relies so heavily on our coastal resources. As we look further into the details of the BP settlement, rest assured I will continue fighting to make sure Louisianians receive what we are justly owed.”
Congressman Garret Graves (R– S. La.) also released a statement after the Justice Department announced a final settlement with BP of $20.8 billion for its role in the 2010 Gulf of Mexico oil spill.
“Months ago, an historic agreement in principle was announced between BP and state and federal agencies,” Graves said. “The consent decree released today puts meat on the bones of that agreement and provides a court-enforced contract to hold BP accountable. This is an important step forward toward closure. I'd urge everyone with a stake in South Louisiana to take advantage of the 60-day comment period to help perfect this consent decree.
In the meantime, we will continue working to compress the time frame of the payments and look at improvements to the law that would incorporate lessons learned from this disaster and the careless loss of life.”
The BP settlement agreement includes $5.5 billion federal Clean Water Act penalty, plus interest; $8.1 billion in natural resource damages, including restoring coastal habitats; and $600 million in claims for reimbursement of federal and state natural resources damage assessments costs and other unreimbursed federal expenses.