How Gulf Oil Spill Damages are Being Distributed

Where Are the Deepwater Horizon Distribution Funds Going? The Deepwater Horizon oil spill of 2010 left the homeowners, wildlife and economy surrounding the Gulf of Mexico reeling after what has become one of the largest disasters to hit the area. At the urging of the U.S. government, BP created a fund totaling $20 billion to pay out damage claims by those suffering financially from the spill. Here's a look at where that money is going. Over $1.6 Billion paid to date* out of total $20 Billion Florida Texas 5 states affected: Alabama Louisiana Mississippi Total claims submitted vs. total claims paid per state *November 2, 2010 149,723 150,000 Claims Submitted 120,000 Claims Paid 106,749 90,000 60,000 51,649 37,287 41,153 32,001 30,000 18,629 6,923 8,895 2,023 Alabama Florida Louisiana Mississippi Texas Total amount distributed per state *November 2, 2010 Average amount paid per claim: $17,555.74 $800,000,000 $700,000,000 $612,414,915 $579,191,976 $600,000,000 $500,000,000 $400,000,000 $335,024,528 $300,000,000 $200,000,000 $153,284,036 $100,000,000 $68,450,800 Alabama Florida Louisiana Mississippi Texas How Significant is $20 Billion? The estimated GDP for Trinidad and Tobago, 2010 - $21 Billion The value of the global human smuggling business - $20 Billion The cost of movie piracy to the US economy - $20 Billion+ The total of the entire online advertising industry - $20 Billion Net worth of Liliane Bettencourt, principal shareholder of L'Oréal and #17 on Forbes' List of Billionaires - $20 Billion In order to ensure oil spill victims would be compensated for their losses in a fair and unbiased manner, President Obama vowed that the $20 billion from BP "will not be controlled by either BP or by the government. It will be put in an escrow account administered by an impartial, independent third party." Kenneth Feinberg That impartial third pary turns out to be Kenneth Feinberg, jointly appointed by Obama and BP's chairman, Carl-Henric Svanberg, as the objective administrator of the BP Deepwater Horizon Disaster Victim Compensation Fund, He comes well qualified for the job-aside from being a highly regarded professor of law with history at Georgetown University Law Center, Columbia University School of Law and the Benjamin N. Cardozo School of Law, he was also placed in charge of distributing the September 11 Victim Compensation Fund and TARP Executive Compensation, earning him the unofficial title of "Pay Czar." Sources: Brought to you by: O Go Banking Rates www.gulfcoastclaimsfacility.com/reports www.businessweek.com www.wikipedia.org www.newsweek.com www.ezinearticles.com www.forbes.com Where Are the Deepwater Horizon Distribution Funds Going? The Deepwater Horizon oil spill of 2010 left the homeowners, wildlife and economy surrounding the Gulf of Mexico reeling after what has become one of the largest disasters to hit the area. At the urging of the U.S. government, BP created a fund totaling $20 billion to pay out damage claims by those suffering financially from the spill. Here's a look at where that money is going. Over $1.6 Billion paid to date* out of total $20 Billion Florida Texas 5 states affected: Alabama Louisiana Mississippi Total claims submitted vs. total claims paid per state *November 2, 2010 149,723 150,000 Claims Submitted 120,000 Claims Paid 106,749 90,000 60,000 51,649 37,287 41,153 32,001 30,000 18,629 6,923 8,895 2,023 Alabama Florida Louisiana Mississippi Texas Total amount distributed per state *November 2, 2010 Average amount paid per claim: $17,555.74 $800,000,000 $700,000,000 $612,414,915 $579,191,976 $600,000,000 $500,000,000 $400,000,000 $335,024,528 $300,000,000 $200,000,000 $153,284,036 $100,000,000 $68,450,800 Alabama Florida Louisiana Mississippi Texas How Significant is $20 Billion? The estimated GDP for Trinidad and Tobago, 2010 - $21 Billion The value of the global human smuggling business - $20 Billion The cost of movie piracy to the US economy - $20 Billion+ The total of the entire online advertising industry - $20 Billion Net worth of Liliane Bettencourt, principal shareholder of L'Oréal and #17 on Forbes' List of Billionaires - $20 Billion In order to ensure oil spill victims would be compensated for their losses in a fair and unbiased manner, President Obama vowed that the $20 billion from BP "will not be controlled by either BP or by the government. It will be put in an escrow account administered by an impartial, independent third party." Kenneth Feinberg That impartial third pary turns out to be Kenneth Feinberg, jointly appointed by Obama and BP's chairman, Carl-Henric Svanberg, as the objective administrator of the BP Deepwater Horizon Disaster Victim Compensation Fund, He comes well qualified for the job-aside from being a highly regarded professor of law with history at Georgetown University Law Center, Columbia University School of Law and the Benjamin N. Cardozo School of Law, he was also placed in charge of distributing the September 11 Victim Compensation Fund and TARP Executive Compensation, earning him the unofficial title of "Pay Czar." Sources: Brought to you by: O Go Banking Rates www.gulfcoastclaimsfacility.com/reports www.businessweek.com www.wikipedia.org www.newsweek.com www.ezinearticles.com www.forbes.com Where Are the Deepwater Horizon Distribution Funds Going? The Deepwater Horizon oil spill of 2010 left the homeowners, wildlife and economy surrounding the Gulf of Mexico reeling after what has become one of the largest disasters to hit the area. At the urging of the U.S. government, BP created a fund totaling $20 billion to pay out damage claims by those suffering financially from the spill. Here's a look at where that money is going. Over $1.6 Billion paid to date* out of total $20 Billion Florida Texas 5 states affected: Alabama Louisiana Mississippi Total claims submitted vs. total claims paid per state *November 2, 2010 149,723 150,000 Claims Submitted 120,000 Claims Paid 106,749 90,000 60,000 51,649 37,287 41,153 32,001 30,000 18,629 6,923 8,895 2,023 Alabama Florida Louisiana Mississippi Texas Total amount distributed per state *November 2, 2010 Average amount paid per claim: $17,555.74 $800,000,000 $700,000,000 $612,414,915 $579,191,976 $600,000,000 $500,000,000 $400,000,000 $335,024,528 $300,000,000 $200,000,000 $153,284,036 $100,000,000 $68,450,800 Alabama Florida Louisiana Mississippi Texas How Significant is $20 Billion? The estimated GDP for Trinidad and Tobago, 2010 - $21 Billion The value of the global human smuggling business - $20 Billion The cost of movie piracy to the US economy - $20 Billion+ The total of the entire online advertising industry - $20 Billion Net worth of Liliane Bettencourt, principal shareholder of L'Oréal and #17 on Forbes' List of Billionaires - $20 Billion In order to ensure oil spill victims would be compensated for their losses in a fair and unbiased manner, President Obama vowed that the $20 billion from BP "will not be controlled by either BP or by the government. It will be put in an escrow account administered by an impartial, independent third party." Kenneth Feinberg That impartial third pary turns out to be Kenneth Feinberg, jointly appointed by Obama and BP's chairman, Carl-Henric Svanberg, as the objective administrator of the BP Deepwater Horizon Disaster Victim Compensation Fund, He comes well qualified for the job-aside from being a highly regarded professor of law with history at Georgetown University Law Center, Columbia University School of Law and the Benjamin N. Cardozo School of Law, he was also placed in charge of distributing the September 11 Victim Compensation Fund and TARP Executive Compensation, earning him the unofficial title of "Pay Czar." Sources: Brought to you by: O Go Banking Rates www.gulfcoastclaimsfacility.com/reports www.businessweek.com www.wikipedia.org www.newsweek.com www.ezinearticles.com www.forbes.com