In local news:

Under an agreement with BP, Louisiana will receive $6.8 billion for claims related to Natural Resource Damages under the Oil Pollution Act of 1990, the state’s share of Clean Water Act penalties (under the RESTORE Act), and various economic claims. The $6.8 billion is the largest share of a $18.732 billion deal with several Gulf states to compensate for losses and damages from the 2010 Deepwater Horizon oil spill. According to a Biz Magazine report, once the agreement is finalized, this newest round of payments will bring Louisiana’s total monetary recovery from the spill to $10 billion. The breakdown for the funds is distributed as follows:

  • $5 billion for natural resource damages (includes $368 million in previously allocated early restoration)
  • A minimum of approximately $787 million for Clean Water Act civil penalties distributed through the RESTORE Act (Louisiana’s portion of the RESTORE Council distributed funds has yet to be determined)
  • $1 billion for state economic damages

Read complete coverage from Biz Magazine here.

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