BP to settle claims with five gulf coast states - WMC Action News 5 - Memphis, Tennessee

BP to settle claims with five gulf coast states

(Source: U.S. Coast Guard) (Source: U.S. Coast Guard)

Five years after an explosion on an oil rig, BP has agreed upon a settlement. 

BP agreed to settle claims with five gulf coast states: Alabama, Florida, Louisiana, Mississippi and Texas. Along with these states, more than 400 local government businesses will receive settlements. 

"I'm proud to report that our state not only helped lead this historic effort, but negotiated a landmark agreement," Florida Attorney General Pam Bondi said. 

In April 2010, the explosion killed 11 workers and spilled oil into the Gulf of Mexico for 87 days. 

It was finally capped after more than three million barrels of oil spilled into the gulf. 

"A total of $3.25 billion to our state in economic loss and environmental recoveries," Bondi said. 

Each state is expected to attribute the money for business lost and to help improve the natural environment in the effected areas. 

This $18 billion settlement is expected to be paid out over an 18 year period. 

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