If approved by the court, the federal government and the states near the Gulf have reached a settlement with BP for $18.7 billion. The settlement will compensate for the 2010 Deepwater Horizon oil spill disaster and will be the largest environmental settlement in U.S. history.
On April 20, 2010, the Deepwater Horizon rig which was leased by BP exploded causing the death of 11 workers and gushing nearly 3.19 million barrels of oil into the Gulf. The $18.7 billion settlement will be used to cover Clean Water Act penalties, settle economic claims, and resolve damage claims by local governments.
States around the Gulf, including Florida, Alabama, Mississippi, Louisiana, and Texas will receive money from the settlement. The state of Florida will receive at least $3.25 billion of the settlement to cover economic damages, natural resources damages, and if approved $572 million will go to the Restore Act.
As the largest environmental settlement in America’s history, Florida Governor Rick Scott states: â€œThis agreement will help Florida implement key projects and invest in environmental priorities to keep our state beautiful.â€