British Petroleum to pay $18.7 billion for 2010 oil spill

British Petroleum to pay $18.7 billion for 2010 oil spill

British Petroleum has finally accepted the responsibility of largest ecological disaster in the United States. Back in 2010, the massive spill in the Gulf of Mexico shocked whole world. The corporation will pay around $18.7 billion as a settlement amount to the US government and several state governments. But activists are saying it’s too late now to improve the situation. Ultimately the environment paid price for the irresponsible actions of the company. 

States of Louisiana, Mississippi, Texas, Florida and Alabama challenged BP in the court along with US justice department for not giving enough compensation to the individuals and corporations affected by the spill. The largest offshore oil spill has affected tourism and fishery businesses at the coastal states.   The court ended all settlement related issues between the US government, states and British Petroleum as everyone will get fair compensation in the span of 18 years. 

The stock market gave positive signals as BP shares increased. Justice Carl Barbier slammed the corporation last year for ignoring the magnitude of problem and incompetent about handling the crisis. With new decision, BP has been forced to pay highest possible compensation.  Natural resource damage assessment would receive $1.7 billion from the BP. 
The entire compensation amount would be utilized for the restoration effort among each state. Under clean water act, BP would have to pay additional $5.5 billion. Many green activists are still not happy about the decision. Oceana vice president Jacqueline Savitz said that the compensation is very low as compared to the environmental impact of the crisis. 

 

 

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