One of the Gulf’s most significant and region-defining events in recent memory was 2010’s BP Deepwater Horizon Oil Spill. Folks in Alabama, Louisiana, Texas, Mississippi and Florida have done a great job in cleaning up one of history’s worst man-made disasters, but there is still work to be done. And now with new court rulings, we may be getting closer to some finality.
A US District Court in Louisiana approved the settlement reached between State Trustees and BP in regards to natural resource injuries arising from the spill. This is good news in the Gulf Region, as Alabama appears to be getting around $900 million with the ability to apply for future funding.
Alabama’s trustees are already set to receive nearly $300 million allocated to fund restoration products in our state, and the numbers will continue to add up as litigation continues. BP is paying a total of $8.8 billion to trustees of each state affected. This includes the $1 billion already committed to completed restoration, as well as a whopping $7.1 billion to be worked in over a 15-plus year plan.
The environmental devastation resulting from the spill is still being felt in our area, as some of the long-term effects are being seen now five years later. Wildlife news is often grim, and it’s always important to remember how precious the beautiful beaches of Gulf Shores, Orange Beach, and Fort Morgan are. The money will help, but we always need to be cautious of the imprint human beings can make on beaches. Be it as large as an oil spill or as small as a trash in the sand, citizens, and businesses must treat our spectacular pocket of this planet kind. We want to keep it beautiful for generations.
If you have any questions, be sure to give us a call at Century 21 Meyer — Kris Powell. We’re happy to guide you in renting, buying or selling property down in Gulf Shores.