Final BP Oil Spill Settlement Announced

The Department of Justice today filed the settlement reached through 5 years of litigation with BP over the 2010 Gulf Oil Spill.  U.S. Attorney General Loretta Lynch announced the settlement along with the heads of the Departments of Commerce and Agriculture and the Environmental Protection Agency.

The final settlement ups the overall dollar amount BP will pay for damages from $18.7B to $20.8B.  The adjustment comes from several hundred million dollars more the oil producer will pay for losses and injuries not yet known, as well as other assessments and reimbursements levied by the Justice Department.

The amount to be awarded to states remains.  Alabama will receive $2.3B from the settlement with $1B going toward economic recovery and $1.3B going toward environmental damages.

The settlement was filed in federal court in New Orleans.  The public will have 60 days to comment before the court signs off on it.

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