Congress eases way for BP oil spill settlement

Meeting: the US Congress approved a spending plan for the billions of dollars it expects the government to collect related to the 2010 BP oil spill

AFP

related stories

News Wires

 02 July 2012 02:10 GMT

The US Congress has removed an obstacle to settling legal claims emerging from the 2010 BP Gulf of Mexico oil spill, approving a spending plan for the billions of dollars it expects the government to collect.

The plan, which President Barack Obama is expected to sign, directs 80% of Clean Water Act penalties related to the spill to a new trust fund for restoration efforts in five states along the Gulf coast, Reuters reported.

An explosion at the Deepwater Horizon drilling rig in April 2010 killed 11 workers and led to the biggest oil spill in US history, with some analysts putting the cost at $60 billion or more.

Officials involved in the spending plan said its approval would foster any settlement between the US Justice Department and defendants…

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login

Upstream share price index