From: Chris Sosa, Care2, More from this Affiliate
Published July 10, 2015 07:18 AM

BP to pay billions in oil spill settlement

BP has finally agreed to pay for the incredible damage it caused after the headline-grabbing oil disaster in 2010. The company made overtures at responsibility in the past, but this is the farthest BP has gone toward remedying the mess it made during the Deepwater Horizon Oil Spill.

Care2 has been vocal in demanding accountability for the company. A petition garnering over 150,000 signatures was delivered to BP’s offices, but the BP refused to accept the petition.

It seems BP has run out of options and will now be paying billions of dollars in a pending settlement.

Per Claims Journal:

“About $12.6 billion in payments will go to the federal government while the rest will go to Louisiana, Mississippi, Alabama, Florida and Texas and more than 400 local government entities to cover environmental and economic damage from the spill.

BP will make the payments of about $1 billion a year over 18 years, according to the preliminary agreement, which is still subject to BP reaching definitive agreements with the states and undergoing public comment and acceptance by the court.”

The deal comes amid an incredibly tangled web of legal losses that left the company without viable avenues of recourse. Three days before the announcement of a settlement, BP’s appeal of District Court Judge Carl Barbier’s ruling was rejected by the Supreme Court. 

Swan covered with oil image via Shutterstock.

Read more at ENN Affiliate, Care2.

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