Thursday, July 2, 2015

BP to pay another $1.5 billion to Mississippi

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:

For The Sake Of Comparison said...

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.

Anonymous said...

Which outside council gets 40% of the $1.5 billion? I guess that will be up-front money for the lawyers?

Anonymous said...

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.

Anonymous said...

Hail King Barbour and the no bid crumbs he tosses to his minions.

King Barbour's grace and favor is not for you!

Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

Louisiana gets $6.8 billion
Alabama gets $2.3 billion
Mississippi gets $2.2 billion

Color me less than impressed.

Anonymous said...

I say take it to the Beau Rivage and drop it down on Red for double or nothing.

Anonymous said...

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

Anonymous said...

"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".

Anonymous said...

10:48 - that drew a genuine snort.

Anonymous said...

Settlement or not I will never, ever buy another gallon of BP gasoline.

Anonymous said...

It'll go to the new minor league stadium in Biloxi.

Anonymous said...

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.

Johnny Wadd said...

Let's deposit it with the tobacco money and spend it. That way we can tell the voters how good we are with budgets.

Anonymous said...

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.

Oyster Po-Boy said...

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.

Anonymous said...

Look at the bright side: you now get Gulf of Mexico shrimps predipped in oil. It fries easier that way.

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In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.


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If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

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