State News
3:38 pm
Fri November 30, 2012

New System Could Make Oil Spill Recovery Money Easier To Access

Officials are using a new system to process requests for the nearly $13 billion up for grabs for BP oil spill recovery efforts.

After the 2010 Deep Water Horizon oil Spill, BP established the Gulf Coast Claims Facility to distribute recovery funds.  But that system was scrapped in June of this year and replaced with the Deep Water Horizon Economic Loss Claims Program.   Attorney Thomas Young, who’s handled more than 1,400 claims for BP, said this new system is much more objective.

“It’s largely a financial analysis and forensic accounting exercise based on your businesses financial performance between the years of 2007 and 2011,” Young said.

Young also said businesses may qualify for reimbursements if they can show a loss for 2010, for any reason, and a 10 percent profit bump for 2011. He expects anywhere from five to 10 billion dollars to be dispersed in Florida.