BP will now have to settle the deal it reached in July 2015 to pay up to $18.7 billion in penalties to the U.S. government and five states. Today’s action holds BP accountable with the largest environmental penalty of all time while launching one of the most extensive environmental restoration efforts ever undertaken.
U.S. Attorney General Loretta Lynch said in a statement. The U.S. Justice Department has estimated that the settlement will end up costing BP around $20.8 billion. The British oil giant will be able to make the payment over a 16-year period. The Deepwater Horizon oil spill took place in April 2010, killing 11 workers and causing a 134 million-gallon spill over the Gulf of Mexico.
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