BP Settles With Gulf States—What’s Next For Louisiana?

Oil RigIn 2010, 11 oil rig workers died when the Deepwater Horizons oil rig exploded and dumped 4.5 million barrels of oil into the Gulf of Mexico. The company that owned the rig, BP, has been in court ever since. The company paid a $4 billion fine just to settle the criminal case that the government had brought against it. However, fines like this were only the beginning.

In a move that has shocked many experts, BP has agreed to settle one of their largest cases in court. In a New Orleans courtroom, five states (Alabama, Florida, Louisiana, Mississippi, and Texas) have accepted one of the largest settlements in history. BP will pay $18.7 billion to these five states in order to restore the natural resources damaged by the oil spill.

Louisiana will get the largest portion of the settlement, $6.8 billion, which will go toward repairing the coast, covering economic losses, and paying for lost resources. The chairman of the State Coastal Protection and Restoration Authority said: “Today is a day that presents an opportunity. We must be responsible and make wise decisions on how this money is used.”

Can BP Afford Such A Large Settlement?

BP is expected to pay around $1.1 billion for the next 15 to 18 years, which is only a tiny fraction of the $30 billion the company makes annually. However, there are still many more lawsuits that have been filed against BP, and many anticipate that billions more will be paid before the last case is resolved.

The lawyers of Galloway Jefcoat have many years of experience helping oil rig workers get the restitution they need after an oil rig accident. Our oil field worker page can give you an idea of your rights, and how we can help you face a big oil company that has neglected you. Follow our Facebook, and Twitter for more information on how to protect your rights.

Galloway Jefcoat LLPPersonal Injury Attorneys in Lafayette, LA

Source: http://www.theneworleansadvocate.com/news/12807737-171/report-attorneys-general-in-four


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