BP has agreed to pay a total of $18.7 billion over 18 years to settle all federal, state and local claims stemming from the 2010 Gulf of Mexico oil spill. BP will pay the federal government $5.5 billion in Clean Water Act fines over a period of 15 years. The company will pay the federal government and five Gulf Coast states $7.1 billion in natural resource damages over 15 years. A total of $4.9 billion will be paid to the Gulf Coast states over 18 years to settle economic and other claims. BP will also pay up to $1 billion to resolve claims made by more than 400 local government entities.
The agreement is part of a consent decree between BP Exploration and Production, the U.S. government and the states of Alabama, Florida, Louisiana, Mississippi and Texas.
The Supreme Court on Monday rejected a bid by BP and Anadarko to avoid paying billions in civil penalties related to the spill.
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