US says BP to pay $20 billion in fines for oil spill

  • BP plc (British Petroleum) will pay $20 billion in fines for the disastrous Gulf of Mexico oil spill which occurred five years ago.
  • Attorney General Loretta Lynch has said this will be the largest corporate settlement of its kind in US history.
  • The fines are to be paid to the federal government, five Gulf Coast states and hundreds of municipalities over a period of 18 years.
  • This corpus will finance environmental restoration and economic development programs to offset the worst oil spill in US history, and will launch one of the largest environmental restoration efforts the world has ever seen, said Lynch.
  • Investors have hailed this settlement deal, as it caps liabilities that could have been much larger.

Background

  • The BP oil spill, also known as the Deepwater Horizon oil spill began on April 20th 2010, in the Gulf of Mexico. It is considered to be one of the largest oil spills in history, with irrevocable, large-scale environmental implications.
  • As a result, BP agreed to four years of the government monitoring its safety practices and ethics in addition to the Environmental Protection Agency’s temporary ban on entering into new contracts with the US Government.

News Item Compiled by Krittika Chavaly

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Categories: Green News | Tags: , , , , | 1 Comment

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One thought on “US says BP to pay $20 billion in fines for oil spill

  1. bald oyabun

    mere hogwash. the grand Anglo-Saxon alliance is at it again. money is paid as a sort of remorse and apology but who pays for the collateral damage. so many birds,fishes and other aquatic life perished. i recommend James W Hall a Florida based author who works of fiction also touch upon the protagonist battling environmental crimes. It is megalomaniac firms and conniving governments like these that are the real Eco-terrorists and not organizations like Greenpeace or lone wolves who dare to stand up to the establishment.

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