BP Makes Initial Compensation Deposit of $3 Billion

Oil SpillThe oil spill is well on its way to being contained. Clean up has been underway for quite a while. All that is left is to finish the task and compensate the people and areas affected.

According to officials from BP, they are doing just that. The company has deposited an initial amount of $3 billion into what will be a $20 billion dollar compensation fund. The escrow account is designed to help pay back the victims of the catastrophic oil spill.

Funds will continue to be added each quarter. The next quarter will see a deposit of $2 billion, and each following quarter will see $1.25 billion,  until the account has been paid in full.

So far the company has spent $6.1 billion on response to the disaster. Oil spill related costs have included clean up, containment, relief well and cementing, grants to the states affected, and a large compensation payout to some damaged parties.

The announcement about the escrow fund follows on the heels of news that the relief well is almost complete and that the cementing seems to have stopped the leak.

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Faroh Sauder has spent more than 30 years working as a journalist and educator. He has written on politics, international affairs, civil rights, and consumer education. Now mostly retired, Faroh continues to stay current on tech and consumer issues and reports on his interests here at News For Shoppers.