The oil company BP has come to an agreement with the United States to pay $20bn for the Deepwater Horizon oil spill.
The deep-water drill was situated in the Gulf Mexico just off the coast of Louisiana and suffered an explosion which killed 11 workers. The resulting spill took a total of 87 days to end and millions of gallons of oil were spilled into the sea. BP has commented on the settlement stating that it has allowed them to have “certainty” over what must be paid.
The oil spill had a devastating impact on the coastline of the US, affecting the coast of five states in total- Florida, Alabama, Mississippi, Texas and Louisiana- destroying ecosystems and crippling local economies.
This recent news represents the largest ever settlement that the US has reached with a single corporation and simply needs court approval in order to be completed.
Back in July the US Department of Justice and BP revealed that would be reaching an agreement for $18.7bn. This updated total includes payments that BP has already made.
The money agreed in the settlement is to be used by the states that were affected and the US government to cover damages to the environment and the economy.
The US Attorney General Loretta Lynch said:
“This historic resolution is a strong and fitting response to the worst environmental disaster in American history.”