Monday, October 05, 2015

Still a win for BP

The Justice Department announced the finalization of a settlement it reached with BP back in July.  There are a lot of self-congratulatory quotes from officials in this story.
Interior Department Secretary Sally Jewell said the settlement will sustain one of the largest natural resource restoration efforts ever undertaken in the United States.

"This agreement brings renewed hope for a fully restored Gulf of Mexico to millions of Americans who value the Gulf for its contributions to our economy, our environment and plentiful recreational opportunities," Jewell said.

Louisiana is expected to get more than $6.8 billion in addition to the $2 billion the state already received from the oil company, Louisiana Attorney General Buddy Caldwell said in a news release.

"This settlement is the largest environmental settlement in history, and I am extremely proud to have led Louisiana's litigation efforts," Caldwell said. "With this recovery, we can move forward to begin rebuilding our coast and repairing the damage caused by this spill rather than dealing with the uncertainty and delays of trial and appeals."
You probably already understand why the settlement is not near enough to cover Louisiana's dire need to fix its coast.  It's not, nothing, but it's not enough.  Back in July we also explained why this is a pretty good deal for BP overall.  Nothing about today's announcement changes any of that. 

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