Center for American Progress

BP’s Massive Settlement with the U.S. Department of Justice
Article

BP’s Massive Settlement with the U.S. Department of Justice

What does the amount—$18.7 billion—mean to one of the wealthiest, most profitable corporations on the planet?

Part of a Series

idea_bulbOn July 2, the U.S. Department of Justice and BP—one of the world’s largest oil and gas companies—announced that they had come to terms on a historic $18.7 billion settlement over damages from the 2010 Deepwater Horizon oil disaster. By any metric, this is an enormous sum of cash; for example, it is more than the gross domestic product of 83 countries, according to the World Bank. U.S. Attorney General Loretta Lynch announced in a statement that, if ultimately approved, this restitution “would be the largest settlement with a single entity in American history”—appropriate considering that the spill was one of the worst environmental disasters to ever occur in the United States.

Yet, is almost $19 billion enough to liberate the Gulf of Mexico’s economy and environment after BP’s “gross negligence” led to the dumping of more than 3 million barrels of oil into its waters and onto its shores? Where will the money go? And, at the end of the day, is it a good deal for Gulf Coast residents and American taxpayers?

For more on this idea, please see:

The positions of American Progress, and our policy experts, are independent, and the findings and conclusions presented are those of American Progress alone. American Progress would like to acknowledge the many generous supporters who make our work possible.

Explore The Series

Previous
Next