Golf of Mexico oil spill: BP to pay $US18.7bn

                                                                                                                                             (C)AFP

Following the 2010 Golf of Mexico oil spill, BP has reached a $US18.7bn settlement with the US Department of justice (DoJ), making it the largest settlement with a single entry in American history. The money is expected to be used to repair the damage done to the Gulf economy, fisheries, wetlands and wildlife. If you recall, the Deepwater Horizon oil spill has been described as the worst environmental disaster in the United States, releasing about 4.9 million barrels of crude oil into the waters and also claiming the life of 11 people.
Under the agreement BP will;:

• Pay the US a civil penalty of $5.5bn under the Clean Water Act - over 15 years.
• Pay $7.1bn to the US government and five Gulf states including Florida, Alabama, Mississippi and Louisiana over 15 years for natural resource damages.
• A total of $4.9bn will be paid over 18 years to settle economic and other claims made by the five Gulf Coast states.
• Up to $1bn will be paid to resolve claims made by more than 400 local government entities.