BP Fund Distribution
How Gulf Oil Spill Damages are Being Distributed
The economic impact of a disaster like the recent BP oil spill off the Gulf of Mexico is huge. Not only have the once thriving fishing and boating industries of this area been jeopardized by the explosion of the Deepwater Horizon oil rig, but everyone from homeowners to drivers to taxpayers have been affected financially.
That’s why BP has set aside a special fund of $20 billion to be paid toward damages claimed by Gulf residents over the next three years. The following is an explanation of how the money is being distributed and the significance of such a large sum from a global perspective.
Hopefully, you will gain a greater understanding of how an event such as this oil spill can have a rippling effect on everything from gas prices to bank rates, as well as an appreciation for the importance of maintaining and emergency savings fund for when the unexpected happens.