US: BP to pay billions in oil spill settlement
Last Thursday it was announced that a settlement of US$18.7 billion was agreed between the U.S. government and oil company BP - the biggest environmental fine ever levied against a corporation. The deal is the final reckoning for the 2010 Deepwater Horizon spill in the Gulf of Mexico, and ends all federal and state government civil suits against BP for its part in the disaster that killed 11 crew members, immolated the huge drilling rig, and leaked roughly 4 million barrels of crude oil into the water. With the announcement, the London-based oil giant said it planned to add US$10 billion to the already enormous reserve it had set aside to cover costs related to the spill, bringing the total by the company's estimate to $53.8 billion. However, BP will be allowed to make payments over 18 years, making the payout easier to accept and effectively reducing the size of the settlement, after adjusting for interest rates and inflation.
Read more: Justice Department reaches $18.7 billion agreement in principle with BP The Washington Post
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