Communities affected by BP spill begin considering how to spend incoming fines

Posted on July 6th, 2012 No Comments

After pressuring the rest of congress, lawmakers from states that were heavily affected by the 2010 BP oil spill have ensured that most of the fines the oil giant will have to pay will be used for recovery efforts in the affected areas.

Normally, fines imposed on oil companies from these kinds of incidents go to an oil spill liability trust fund and the Treasury’s general fund. However, a law passed this week, the RESTORE Act, earmarks 80 percent of the incoming fines for the five states along the Gulf coast.

The actual amount BP will be paying in fines is still dependent on an upcoming civil trial, but could total from anywhere between $5 billion and $20 billion. A great deal of the money is likely to finance existing projects, but the affected states are still open to new ideas.

If you were affected by the oil spill, contact the Gulf oil spill attorneys of Williams Hart at 800-821-1544.

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