Date of Release:
Nov 15 2012
British oil giant BP has agreed to pay the U.S. government $4.5 billion in installments over a period of five years for the 2010 oil spill in the Gulf of Mexico, the oil giant announced in a press release.
The cost of BP's spill far surpassed the Exxon Valdez spill off Alaska in 1989. Exxon ultimately settled with the U.S. government for $1 billion, which would be about $1.8 billion today.
Under the terms of the agreement, BP agreed to plead guilty to 11 felony counts of misconduct or neglect of ships officers relating to the loss of 11 lives on Deepwater Horizon.