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BP Oil Spill – U. S. Fund Agreement Completed

August 9, 2010 Leave a comment

President Obama meet with representatives of BP today in a Houma, Louisiana claims center.  A fund agreement for this huge environmental catastrophe was reached, BP will be financing a fund which will compensate those whose jobs and incomes have been affect by the oil spill.  BP will be paying a total of $20 to this fund.  Up to August 7th, 145,ooo claims had been filed.   Thus far BP has addressed 103, 900 of these claims in the amount of $319.

As of today, BP has deposited $3 billion which was the agreed upon amount on June 16th  between Barack Obama and the BP.   For the remainder of the $20 billion owed to the fund, BP is obligated to pay $5 million into an escrow account for the next four years.  The London-based company will also pay $2 billion in the fourth quarter and an additional $1.25 billion each quarter until the agreed upon $20 billion is meet.

If all goes according to plan, those affected by the oil spill will be able to have access to the claims facility this month.  The facility will be administered by
Garden City Group of New York and the law firm BrownGreer of Richmond, Virgninia.  Local as well as state governments will be able to file a claim with BP as well.  Do you think $20 billion is enough to cover those affected by this environmental catastrophe?

To find out more on the topic, click on the following articles

BP Oil Spill – 62,000 Barrels of Oil in the Gulf a day

BP Oil Spill- And the Gallons Keep Piling Up

BP Oils Spill Debate

BP Oil Spill leaves them at the bottom of the Ocean