BP Pays $100 Million Forward on Earth Day
Just in time for Earth Day 2011, BP has announced they will give $100 million to five of the Gulf States following last year's Deepwater Horizon explosion. As part of their agreement to put $1 billion toward Gulf restoration projects, Texas, Louisiana, Alabama, Mississippi, and Florida will receive the funds necessary to attempt the revitalization of nearly 640 miles of coastline affected by the disaster.
The energy giant has already given nearly $3.9 billion to businesses and individuals hurt by the 206 million gallon oil spill. And while they continue to make progress in restoring peace following the incident, many speculate whether this is just another maneuver to pay less in the final settlement.
In a press release posted yesterday on the company's website, chairman and president of BP Lamar McKay stated, "Our voluntary agreement to accelerate restoration projects builds upon the cooperative approach BP has taken toward working with Gulf communities and regulators since the accident, and in assessing the potential injury to natural resources. We hope to work in partnership with the Trustee Council to address injured resources in the Gulf as soon as possible. We believe the early restoration projects to be funded through this agreement represent the best way forward in restoring the Gulf."
The release made sure to emphasize that BP's commitment to early restoration is not required by the Oil Pollution Act, yet will speed up the process of rebuilding the area while the federal court reviews their case.
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A full copy of the agreement can be viewed here.
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