$4.5 Billion Settles BP Oil Spill Case

BP and the federal government reached a $4.5 billion settlement on the 2010 Deepwater Horizon disaster on Nov. 15. Under the deal, BP will plead guilty to 14 criminal charges stemming from the explosion and oil spill at the company’s Macondo well in the Gulf of Mexico, which killed 11 workers. The fine will be divided: BP will pay nearly $4 billion to settle criminal charges. Of that, $350 million will go to the National Academy of Sciences to establish a 30-year program on human health and environmental protection in the Gulf of Mexico. In addition, BP is being fined $525 million by the Securities & Exchange Commission for making false financial statements after the incident. “We apologize for our role in the accident, and as today’s resolution with the U.S. government further reflects, we have accepted responsibility for our actions,” said Robert Dudley, BP’s CEO. BP could still face more fines for civil violations of the Clean Air Act, which the government is investigating.