According to the announcement by the designated facility, an estimated BP settlement of $7.8 billion would be set initially for the thousand of residents living in the Gulf area that was affected by the oil spill. These same residents, along with business owners, have been hurt and affected by the said tragedy. The purpose of these settlements is to compensate for the losses incurred by the nation’s worst environmental disaster. However, for many, life after the spill will never be the same. Businesses and fish industries are the ones who were very much affected by the Gulf Coast disaster. Business owners, fishermen and other workers who earn their living n the Gulf Coast area believe that this restitution offered is not enough.
But how does the BP settlement save the Gulf coast and those who live around it? The government came up with the Clean Water Act. In the said act, the BP facility will need to pay the government of the United States around $17.5 billion if BP is proven guilty of committing gross negligence. There are more to settle for BP and in the long run, they will have to end up settling money instead of settling in court. Many believe that if the money will be used according to its purpose, the Gulf Coast’s economy and the environment may truly be saved.
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