Gulf states reach $18.7B settlement with BP over oil spill

www.foxnews.com...

Officials in four Gulf Coast states on Thursday announced a $19 billion settlement with BP to resolve claims in connection with the devastating 2010 oil spill, ending years of litigation.

In arguing against such a high penalty, BP has said its spill-related costs already were expected to exceed $42 billion -- even without the Clean Water Act fine. It's also unclear how much BP will end up paying under a 2012 settlement with individuals and businesses claiming spill-related losses.

Costs incurred by BP so far include an estimated $14 billion for response and cleanup and $4.5 billion in penalties announced after a settlement of a criminal case with the government.

Glad to see BP finally paying for it's greed and unsafe methods. We may need oil, but we need the oceans much, much more.

Well if they end up paying that amount
I'll be shocked, because they never do.
It'll be in the millions not billions by the time
it's done.

a reply to: UnderKingsPeak

This was such a far reaching and devastating disaster, I'll be surprised if they don't have to pay the full penalty. There are a lot of eyes on this one.

All they should have said was "we're soorrryyy".

It's about time. They need to know that they will be held responsible. Sadly, any money awarded likely won't help the immeasurable amount of damage that has been done because it took so long. To be more positive, here's to hopes it can help wildlife, areas still in need to compensation to those who helped.

a reply to: DAVID64

I really do hope so.
19 billion is what BP can get in profit alone
within a few quarters.

You all should read this regarding Sea Brat the alternative dispersant...

Or is there nothing to see?

Oh and a quick question if I may
Are the symptoms of Corexit and Ebola the same?????

I think they should of made BP pay at least 200billion. That way every greedy oil company knows it doesn't pay to cut corners on safety or protecting the environment.

I suppose this will cancel out any future claims against the oil that's still leaking?
This will be a big help to the Gulf states although many individuals will never recover economically or health-wise.

a reply to: DAVID64
What do the rest of us get? Ok, I'll settle to kick Tony Hayward in the gonads.

originally posted by: UnderKingsPeak
Well if they end up paying that amount
I'll be shocked, because they never do.
It'll be in the millions not billions by the time
it's done.

My thoughts are aligned with yours. They were put on a payment plan. I think they have something like 35 years with a billion or so payment a year. Inflation and other currency policies will render the the actual totality of payments a fraction of the awarded amount in real monetary value.

a reply to: rossacus

Yes, but it didn't happen