Agreement to Fund Gulf Coast Restoration Projects

This is just breaking within the past hour or so.

Below is the press release from the ‘Restore the Gulf.gov’ site along with the initial draft agreement.

Still looking at the news articles just coming online.

April 21, 2011 – Washington – Under an unprecedented agreement announced today by the Natural Resource Trustees for the Deepwater Horizon oil spill (Trustees), BP has agreed to provide $1 billion toward early restoration projects in the Gulf of Mexico to address injuries to natural resources caused by the spill.  The Trustees involved are: Alabama, Florida, Louisiana, Mississippi, Texas, the Department of the Interior (DOI), and the National Oceanic and Atmospheric Administration (NOAA).  The Department of Justice provided assistance in reaching the agreement.

This early restoration agreement, the largest of its kind ever reached, represents a first step toward fulfilling BP’s obligation to fund the complete restoration of injured public resources, including the loss of use of those resources by the people living, working and visiting the area.  The Trustees will use the money to fund projects such as the rebuilding of coastal marshes, replenishment of damaged beaches, conservation of sensitive areas for ocean habitat for injured wildlife, and restoration of barrier islands and wetlands that provide natural protection from storms.

The agreement in no way affects the ultimate liability of BP or any other entity for natural resource damages or other liabilities, but provides an opportunity to help restoration get started sooner.  The selection of early restoration projects will follow a public process, and will be overseen by the Trustees. {continued}

Here are a couple of the recent news clips reporting on this:

21 April 2011 – Federal officials say BP has agreed to provide $1 billion for projects that will restore natural resources in the Gulf of Mexico damaged by last year’s oil spill.

The Justice Department said Thursday that the money will be for rebuilding coastal marshes, replenishing beaches, conservation of ocean habitat for injured wildlife and restoration of barrier islands.

The program will be administered by a group of trustees including the states of Alabama, Florida, Louisiana, Mississippi and Texas, along with federal officials. {continued}

And this one out of Palm Beach FL:

April 21st, 2011 – The day after the first anniversary of the Deepwater Horizon oil rig explosion, British Petroleum announced it is giving $1 billion to the five Gulf Coast states – Louisiana, Texas, Alabama, Mississippi and Florida – and federal agencies for early restoration efforts.

Florida will get $100 million to spend on environmental projects related to damages caused by the oil spill.

The $1 billion will fund projects including rebuilding of coastal marshes, beach replenishment, ocean conservation and restoration of barrier islands and wetlands that provide natural protection from storms, according to a press release issued by the National Resource Trustees for the Deepwater Horizon oil spill, a coalition of state and federal agencies.

“One year after the largest oil spill in our history, we take a major step forward in the recovery of the Gulf of Mexico, for the environment and the people who depend on it for their livelihood and enjoyment. Today’s agreement is a down payment on our promise to protect and restore the Gulf,” said Jane Lubchenco, Ph.D., under secretary of commerce for oceans and atmosphere and NOAA administrator. {continued}

Now to see exactly how this will work out, there still are a number of very unhappy Gulf Coast residents, that lost allot especially the different business’s, that are feeling like they’re being played with.

In the meantime:

Apr 21, 2011 – BP Plc and its partners in the Gulf of Mexico oil spill have unleashed a $100 billion-plus barrage of legal claims against each other a year after the rig blast killed 11 workers and created an environmental disaster.

On the anniversary of the world’s worst marine oil spill, BP filed lawsuits totaling more than $80 billion against Transocean Ltd and Halliburton Co.

And in a separate action on Wednesday, BP sued Houston-based Cameron International Corp, the maker of the blowout preventer, the so-called fail-safe device that neglected to automatically shut down the well. {continued}

Why am I getting the feeling that it’s not going to be these corporations nor their investors who will feel any pain from all this but All the rest of us and that the others not involved will be profiting handsomely, corps and investors, as there will be no drawback of the Gas Prices even while the Oil Glut maintains!