How much has BP paid?
So far, BP has shelled out $2 billion for oil spill clean-up, compensation for victims of the disaster, and reparations of the oil leak itself. Victims include Gulf fishermen and local businesses that have been impacted by the oil spill.
It may sound like a lot, but $2 billion is just the tip of the ice berg for the pay-outs to come from BP. Currently BP is working with the U.S. government to form a payment plan. With this payment plan, BP would pay installments of $5 billion per year for the next 4 years. A CNN article reports that $20 billion may not cover possible damages, stating that “Analysts say it’s too soon to say how much the spill could end up costing BP, but estimates have ranged between $11 billion and $60 billion on the low end, to upwards of $100 billion in the worst case.”
President Obama is confident that BP will pay for all that they are responsible for. So far, BP has paid over $105 million in claims.
If BP is making good on payments, why do locals need help from non-profits?
Non-profit organizations like United Way are asking for donations to help local Gulf Coast oil spill victims. All though these victims are likely to be reimbursed for their losses, it doesn’t help them in the short-term. Claims take some time to be legitimized, once they are, actual payment takes a while longer yet.
There are Gulf Coast locals, like fishermen, that are living without necessities and simply can’t afford to wait for BP’s reimbursement. This is where organizations like United Way step in, they can provide these oil spill victims with food, rent money, and clothing. Things they can’t attain without their paychecks. Things that they need right now to survive.
There are also oil spill clean-up non-profits that are very much needed, and are not getting any help from BP. Mobile Baykeeper of Alabama is a volunteer-based organization dedicated to keeping Gulf Coast residents safe from environmental water hazards, as well as, protects and preserves the wildlife. Though they are Alabama based, Mobile Baykeeper also covers the coasts of Mississippi and Florida. They have been working non-stop to protect the coastline and its residents since the oil spill occurred. Mobile Baykeeper has already spent $20,000 on their efforts and is not likely to see any compensation from BP.
Even though BP officials say that aren’t planning on reimbursing non-profit organizations, these organizations can’t sit idly by. They are doing what they know is right, what needs to be done now. You can help! To donate to Mobile Baykeeper, click here. Or to donate to United Way, click here
Source:
Ben Rooney, “BP agrees to $20 billion fund for spill costs” CNN Money
Jenna Susko, “BP: No Plans to Reimburse Non Profit Organizations” Local 15 TV
