“Treating the worst oil spill in US history as an ordinary and necessary business expense boggles the mind”, Ross continued.
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US District Judge Carl Barbier signed off on the $20.8 billion settlement Monday afternoon in New Orleans, bringing BP’s running tab for the disaster to around $55 billion.
The Deepwater Horizon oil spill took place in April 2010, killing 11 workers and causing a 134 million-gallon spill over the Gulf of Mexico.
Environmental groups and officials in the Gulf of Mexico states are weighing in on a federal court’s approval of the $20 billion settlement that was announced past year in the 2010 BP oil spill.
Under the terms of the settlement, announced last July and finalized in October, BP will spend $5.5 billion to settle civil claims against it under the Clean Water Act.
The settlement covers multiple years and includes BP’s payment of at least $12.8 billion for Clean Water Act fines and natural resource damages, along with $4.9 billion to five states. BP will be required to pay over an 18-year period.
Last year, BP also said that it would pay $1bn to resolve claims made by more than 400 local government entities, as part of the settlement.
The five states included in the settlement are Alabama, Florida, Louisiana, Mississippi and Texas.
In a brief statement, company spokesman Geoff Morrell said the company was “pleased” that the settlement was complete.
BP has reached similar agreements with private businesses and individuals who claim to have suffered monetary losses because of the spill, such as fisherman whose fisheries were shut down.
“As a nation, we can’t stop paying attention now that the settlement is final – we must strive to see that the money is spent wisely and efficiently to achieve real and lasting restoration and the renewal of one of America’s greatest ecosystems”.
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The company behind the worst maritime oil spill in history will ultimately pay only a fraction of the total sum, and American taxpayers will be left with a majority of the cost.
