BP $ Will Lead to Cleaner Gulf

It is unprecedented that a private “responsible party” pays out $50 B for a hazmat incident. Apparently, the money for remedial efforts is likely to benefit the Gulf.  See this NY Times editorial: BP Deal Will Lead to a Cleaner Gulf.

Though no amount of money can ever compensate for the staggering damage caused by the 2010 BP oil spill, last week’s provisional $18.7 billion settlement among five states, the federal government and the company will help make amends for one of the worst environmental disasters in American history. If approved by a federal judge, the deal will end years of legal battles and bring the total amount BP will pay for its role in the calamity to more than $50 billion. It will also provide a significant, continuing source of revenue for the repair and restoration of the Gulf of Mexico’s marshes, barrier islands, fisheries, deep-sea corals and other vulnerable elements of an ecosystem that had been ailing long before the spill.

Update on July 10. Here is another point of view, not so optimistic.

This entry was posted in Deepwater Horizon Oil Spill, Hazardous Materials. Bookmark the permalink.

2 Responses to BP $ Will Lead to Cleaner Gulf

  1. Gerard Hoetmer says:

    If the tobacco settlement is a historical indicator that will not happen. The money will be wasted or used for other purposes.

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