BP to Provide $1 Billion for Gulf Resoration

Deepwater Horizon oil spill on June 25, 2010.

Image via Wikipedia

BP will provide $1 billion for oil spill restoration in the Gulf of Mexico per a voluntary agreement with the federal government and five states.

The agreement does not absolve BP of legal liability for the explosion and spill that began April 20, 2010. However, any restoration efforts paid for by the $1 billion will count toward the company’s liability.

The company faces fines and penalties of as much as $21 billion for the disaster. It could also face penalties under a Justice Department criminal and civil investigation.

Federal and state officials are conducting a natural resource damage assessment to measure the injury to the gulf habitat. The process could take years.

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