Governor Phil Bryant issued this press release:
Mississippi Reaches Landmark Agreement in BP Oil Spill Disaster Case
BILOXI—Gov.
Phil Bryant and Attorney General Jim Hood announced today in Biloxi
that Mississippi has reached an agreement in principle with
BP to settle claims related to the 2010 Deepwater Horizon disaster.
The settlement will bring approximately $1.5 billion in additional
relief to Mississippi over the next 17 years. Combined with $659 million
in early funding, Mississippi is receiving
a total of nearly $2.2 billion in compensation.
The
Deepwater Horizon Macondo oil well drilling platform exploded on April 20, 2010. Eleven men, including four Mississippians, were killed.
“Mississippi
suffered tragic losses as a result of the BP oil spill. Eleven men
died, including four Mississippians.” Gov. Phil Bryant said. “For
months, we battled to protect our
shorelines and the unique ecosystems and natural resources of our
beautiful Gulf Coast from millions of gallons of oil and chemicals.
“And
for years, we have worked diligently to pursue all legal recourse and
rightful compensation resulting from this disaster. Today is a victory
for Mississippi and a victory for
a treasured way of life on the Gulf Coast,” Gov. Bryant continued.
Under
the $1.5 billion agreement in principle with BP, Mississippi will
receive approximately $183 million in Natural Resource Damage Assessment
payments and approximately $582 million
in Clean Water Act penalties under the RESTORE Act. Mississippi will
also receive $750 million in economic damages.
Attorney
General Jim Hood stated, "Our office recovered about seven times more
than the initial projections for economic damages. We worked well with
other states and all of the
cities and counties on our Coast to build an outstanding economic
damages model."
Breakdown of New Agreement in Principle
The $1.5 billion agreement in principle includes:
- Approximately $183 million in Natural Resource Damage Assessment payments, to be paid over 15 years, which will be used primarily for environmental restoration;
- approximately $582 million in Clean Water Act penalties under the RESTORE Act. These funds will be paid over 15 years and used primarily for environmental projects, research and economic development;
- $750 million in economic damages paid over 17 years as a result of Mississippi’s own lawsuit against BP. Mississippi is scheduled to receive a payment of $150 million in 2016 and equal yearly payments of $40 million from 2019-2033. The funds will be available for appropriation by the Mississippi Legislature.
Breakdown of $659 Million in Early Funding
- $112.557 million in Natural Resource Damage Assessment Early Restoration payments;
- $106 million in early RESTORE Act payments;
- $356 million in National Fish and Wildlife Foundation payments;
- $85.168 in initial response payments.
TOTAL RESTORATION FUNDS TO THE STATE OF MISSISSIPPI: $2.174 billion.
The
agreement in principle with BP also provides up to $1 billion to settle
claims in the five Gulf States between BP and local governments and
other public entities. Settlement
amounts for individual governments and public entities, including those
in Mississippi, have not yet been determined. Discussions are ongoing,
and an announcement is expected on or about July 12.
“We
remain committed to ensuring that our coast counties and cities are
included in any settlement and treated fairly,” added Attorney General
Jim Hood. “I am pleased to say we are
upholding our promise.” Hood continued, “The size and scope of this
settlement is the result of a successful partnership of all the gulf
states and our state agencies. Together, we held BP accountable for the
damage it caused.”
“We
have made significant progress since the BP disaster,” Gov. Bryant
said. “Today’s announcement ensures that long lasting recovery will
continue.”
18 comments:
This, in itself, is totally meaningless. The value will be found in the outcome. And that may not be realized for sixty to 140 years. By then the money will have long ago been squandered on things totally unrelated to the ecology, living things in the Gulf and replacing what can't be replaced.
But, in a way, its just like losing a family member and someone's liability insurance paying you enough to buy two new cars and some stuff for the house.
Which outside council gets 40% of the $1.5 billion? I guess that will be up-front money for the lawyers?
I feel certain the same old group are licking their chops this morning and gathering cash to pass out as campaign donations. No need to name them because most know who they are. What is not squandered will be stolen as part of no bid contracts to those that always seem to be involved in this type of legal theft. The citizens of our state need to demand that the process by open to all. If we are not vigilant and vocal about how this money is used expect more of the same Katrina type spending in areas that only benefitted the politically connected.
Hail King Barbour and the no bid crumbs he tosses to his minions.
King Barbour's grace and favor is not for you!
I wish we would actually put this money into a trust and use the earnings--similar to what was intended with the tobacco settlement. But both isles will probably squander it.
No one has long term vision in Jackson.
Damn JJ, the naysayers are out early this morning.
Doesn't anybody realize that this is a good thing? A reasonable settlement for a disaster - but one that really didn't do that bad a damage to our coastal area.
Not a fan of Bryant or Hood. And realize it really wasn't all that much of either of their doing - at least not as much as they are personally taking credit for it.
But it isn't as much about who takes credit, its just important that it was done.
Louisiana gets $6.8 billion
Alabama gets $2.3 billion
Mississippi gets $2.2 billion
Color me less than impressed.
I say take it to the Beau Rivage and drop it down on Red for double or nothing.
typical garbage. government sues on behalf of its citizens yet they never see a penny. and corp pays b/c its in essence a tax. the system is broke
lets see them cut checks to each taxpayer instead. there is no environmental impact to repair
"Which outside council gets 40% of the $1.5 billion? I guess that will be up-front money for the lawyers?"
Not sure, but I'd wager Jim Hood would consider them "family".
10:48 - that drew a genuine snort.
Settlement or not I will never, ever buy another gallon of BP gasoline.
It'll go to the new minor league stadium in Biloxi.
10:37 - the differing amounts depend to a large degree on the number of miles of shoreline and the distance away from the well. Louisiana has many more miles of shoreline (includes marshlands). This was directed in the legislation creating the basis for the payments.
Let's deposit it with the tobacco money and spend it. That way we can tell the voters how good we are with budgets.
The governor wants it to be used for the Coast but also wants it put in the general fund. I see another push to eliminate income tax since our general fund will be so flush. Good luck Coast on getting your extra funds.
The damage caused by the 'spill' was to the ecological system, not to the 'general fund' and not to 'inland individuals who want a check'. We already have shrimp and oysters too small or deformed to harvest. Oysters in the store are from the State of Washington now. Blobs are still surfacing along the coast. People have been warned to not enter the water along the Mississippi Coast and the water has been shitty for over half a century. If any money at all flows into the state's coffers, it will be deliberately wasted, just like the so called 'tobacco settlement'. And Feel will hitch up his britches and claim it as a victory for himself and industrial development.
Look at the bright side: you now get Gulf of Mexico shrimps predipped in oil. It fries easier that way.
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