BP Pumps Money Into Relief Fund—It’s No Gusher

Posted on Aug 9, 2010

U.S. Coast Guard / Petty Officer 3rd Class Patrick Kelley

BP has paid $3 billion into the relief fund promised President Obama, including $319 million already paid to victims of the Gulf oil spill, but it will be years before the $20 billion escrow account is fully funded.

It has been estimated that the cost to the Gulf states’ tourism industry alone could reach higher than that amount.

The oil giant says that it has already spent more than $6 billion on cleanup.  —PZS

BBC:

An additional deposit of $2bn will be made in the fourth quarter by BP, with deposits of $1.25bn being deposited each of the following quarters until the $20bn has been paid in full.

[...] The account will be overseen by lawyer Kenneth Feinberg, who managed compensation claims made by victims of the 9/11 attacks.

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