Fines related to the devastating Gulf of Mexico oil spill will cost BP $20 billion, according to a report in the Bangor Daily News.
The oil spill occurred in 2010 and became one of the most catastrophic environmental events in history. More than three million barrels of oil filled the water and coastline in the huge spill. In retribution, BP will pay the fines over the next 18 years. Money will go to the five Gulf Coast states directly affected by the spill, the federal government and many different local governments. Some of the money will be used to restore the environment and the coast.
It's the biggest penalty for pollution ever given in the history of the U.S., according to The Wall street Journal. It is "a strong and fitting response to the worst environmental disaster in U.S. history," Attorney General Loretta Lynch said, according to The Wall Street Journal. As part of the settlement, the United States will lift its suspension on BP.
The Deepwater Horizon oil rig exploded in 2010, and dumped oil into the water for 87 days before it was finally capped. The resulting oil slick was as big as Virginia, according to Yahoo! News.
