Though it may seem like a lifetime ago, we are now seeing the payouts that arose from the settlement of the April 20, 2010, Deepwater Horizon oil rig explosion off the Gulf Coast. In all 11 people died, over 60 were injured and 3.19 million barrels of oil over 87 days (134 million gallons) spilt into the Gulf of Mexico. It fouled the coasts of Florida, Alabama, Mississippi, Louisiana and Texas and launched a six-year long environmental and legal battle of which all of the above states won settlement payouts.
Why does this matter? For the most part, the settlements through the Golf Coast have been put into development funds geared toward infrastructure and commercial development subsidies. That means more work and more money for those go getters out there! Here is an idea of how the funds have been allocated:
The Triumph Gulf Coast board of directors was set up by the Florida legislature to oversee settlement money from the Deepwater Horizon disaster and will offer more than $18 million for the first four regional-economic development projects in Northwest Florida. The money came from an initial $300 million that Triumph Gulf Coast received from the state’s share of the settlement from the oil spill.
Look for opportunities to construct in or haul freight to Bay, Escambia, Franklin, Gulf, Okaloosa, Santa Rosa, Wakulla and Walton counties!
Alabama will receive a total of $2.3 Billion. These payments will be received in April of each year, from 2018 through 2033. In addition to the amount paid out to the state, several municipalities throughout the coast were granted settlements. Seek out local government officials in the coastal region to work on striking a deal to bank on that settlement money!
Mississippi's $1.5 billion would be paid over 17 years. Counting payments BP has already made to Mississippi, the total here from BP could reach $2.2 billion. Half the money is expected to go to environmental restoration and other projects on the Coast and $750 million in economic damages will paid to the state through 2033. The state received $150 million of that money in 2016. Payments of $40 million a year will begin from 2019 through 2033. Legislature unanimously passed a bill in 2017 that would place the BP oil spill settlement moneys in a separate account that could only be drawn “for projects benefiting the Gulf Coast.”
The state will was granted a minimum of $6.8 billion in settlements of which about $1 billion will possibly be focused toward economic development. In addition, a bounty of individual parishes were granted their own settlement amounts as follows:
Acadiana Parish, $71,911,030.25; Vermilion, $132,148,376.79; Lafayette, $167,263,715.80; St. Martin, $33,948,849.23; Iberia, $78,909,685.68; St. Landry, $19,977,596.31; Evangeline, $6,862,443.45; St. Mary, $82,016,275.29. That's at total of $593,037,962.80.
The state of Texas was granted $238 million for restoration efforts. Most of the money seems to be allocated to repairing National parks and economic projects to include recreation efforts.
If it seems cryptic, it's because it is. Though settlements were set, a bounty of more money in countless smaller settlements was dished out to families directly affected and local municipalities throughout the Gulf Coast. The best way to really maximize your ability as a corporation to help restore the Gulf Coast and reap some profits at the same time is to link up with local government officials in the State Legislatures of the states affected. It is very likely they will be attempting to use some of this money to fund major projects in infrastructure and commercial development.