March 26, 2017

Escrow Account Payment Schedule

Today BP paid the first deposit of $3 billion to the $20 billion compensation fund for Gulf Coast residents.  The payment is on schedule, as shown below.  Kenneth Feinberg continues to oversee the account that is not only for Gulf Coast residents, but also for natural resource damages and state and local response costs.

Even though BP made its first payment, $17 billion remains.

Comments

  1. Delphine says:

    I’m sure this was in response to the recent stinging editorials in the Mobile Press-Register.

    • That’s a possibility, but here’s another explanation for why BP chose to make the deposit. Since the spill has shifted mostly to a clean-up mode, instead of containing the oil and cleaning up, maybe BP is not spending as much in the Gulf, so they could afford the deposit. Whereas if the well was still leaking, the money spent on containment would have prevented the ability to make the deposit this soon.

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