Friday, April 8, 2016

BP Settlement - $2 Billion goes to Mississippi

Click Here to Contact Congressman Palazzo

This week, the federal court approved the final settlement agreement among the Gulf States, BP, and the United States relating to the 2010 Deepwater Horizon oil spill.

The settlement will result in over $2.1 billion in compensation to Mississippi.

The approval closes a long and difficult chapter in our Gulf Coast’s history and allows us to move forward in rebuilding the Mississippi coast both economically and environmentally.

In addition to $659 million in early funding already received by the state, the settlement includes: 

  • $582 million in Clean Water Act (CWA) penalties under the RESTORE Act for environmental and economic restoration 
  • $750 million in economic damages to be appropriated by the Mississippi legislature 
  • $183 million in Natural Resource Damage Assessment pays for environmental restoration 

As many of you aware, the RESTORE Act is a federal law passed in 2012 that ensures the CWA penalties paid by BP are returned to the Gulf States who were directly affected by the disaster.

As your Congressman, returning the funds to the areas directly impacted as opposed to sending the funds to the U.S. Treasury was just plain COMMON SENSE. To make the RESTORE Act a reality, it took a team effort of the Gulf Coast legislators.

So a special thanks to my colleagues Rep. Jeff Miller (FL), Rep. Jo Bonner, Ret. (AL) and Rep. Steve Scalise (LA) who joined me in helping pass this legislation with overwhelming bipartisan support.

With this week’s approval, RESTORE Act funds will begin finding their way to the Mississippi coast for use in economic development projects and coastal environmental restoration. It is an exciting time for our state, and I am glad we can put this terrible disaster behind us.

Your comments are always welcome and you can contact Congressman Palazzo on facebook, twitter or by visiting his website.

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