Tuesday, November 2, 2010

BP (NYSE:BP) Paying Louisiana $218 Million for Oil Spill Damage

BP (NYSE:BP) and Louisiana have reached an agreement for the oil giant to pay $218 million to the state for a variety of consequences related to the Gulf oil spill.

Among the uses the money will be put toward will be the ongoing testing of seafood, tourism, and the restoration of the Louisiana coast.

More than half of the money will be used to help restore the Louisiana coastline, with $140 targeted toward that project. Included in the restoration will be the barrier islands.

For the tourism industry, using funds to market the Gulf region has proven successful in Florida, and should work well for Louisiana too.

While extensive testing on seafood has shown the resource is completely clean from oil and corexit, ongoing tests will reinforce that and hopefully cause people to have confidence in the resource.

The seafood program will receive $48 million and the state Department of Culture, Recreation and Tourism the remaining $30 million.

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