BP oil spill fund: $103M to projects in 3 Gulf states

COVID-19 pandemic impacted oil price surge: GasBuddy analyst

GasBuddy analyst Patrick De Haan provides insight into how the coronavirus pandemic has impacted the spike in oil prices. 

Alabama, Florida and Mississippi are receiving more than $103 million in BP oil spill settlement money for new and continued coastal projects.

"These projects, combined with existing investments, continue to advance our goal of protecting and restoring species and habitats impacted by the 2010 Deepwater Horizon oil spill," Jeff Trandahl, executive director and CEO of the National Fish and Wildlife Foundation, said Thursday.

The 11 new projects and two extensions from the foundation’s Gulf Environmental Benefit Fund bring its total allocations across the five Gulf states to $1.6 billion, a news release said.

Alabama is getting more than $43 million for four new projects, the foundation said. Florida is getting nearly $33 million for one new project. The remaining $27 million will support six new projects and continue two others in Mississippi.

FILE – Drilling rigs and workboats operate at the site of the Deepwater Horizon incident in the Gulf of Mexico Friday, July 16, 2010. Alabama, Florida and Mississippi are receiving more than $103 million in BP oil spill settlement money for new and c (AP Newsroom)

The Gulf Environmental Benefit Fund received $2.5 billion in settlement money from criminal charges against BP and its codefendants. The fund is for work to fix damage and reduce risks of future damage to natural resources affected by the 2010 Deepwater Horizon oil spill.

State and national agencies work to identify potential projects to ensure coordination with activities under two other programs that received money from spill settlements or fines.

REPUBLICANS ALARMED AFTER BIDEN OFFICIAL FLOATS BAN ON CRUDE OIL EXPORTS 

Three of the new projects in Alabama are designed to stabilize eroding shorelines and restore coastal marsh in Mobile County and on the north side of Dauphin Island. Previous grants covered engineering, design and permitting for those projects. The fourth grant will pay for engineering and design of beach and dune restoration on Dauphin Island’s west end.

Florida plans to use its award to acquire and manage about 32,000 acres (13,000 hectares) of wetland and floodplain habitat in the Apalachicola watershed. That’s aimed at ensuring sufficient freshwater and nutrient flow to Apalachicola Bay and the Gulf of Mexico to support oysters and marine fishes.

Alabama, Florida and Mississippi are receiving more than $103 million in BP oil spill settlement money for new and continued coastal projects.

FILE – In this Sept. 21, 2017 file photo, the BP Whiting refinery in East Chicago, Ind., is shown on Sept. 21, 2017. Oil giant BP agreed Thursday, Dec. 2, 2021, to pay a $512,450 penalty and reduce soot emissions from its Whiting refinery in Indiana (AP Newsroom)

"These projects, combined with existing investments, continue to advance our goal of protecting and restoring species and habitats impacted by the 2010 Deepwater Horizon oil spill," Jeff Trandahl, executive director and CEO of the National Fish and Wildlife Foundation, said Thursday.

The 11 new projects and two extensions from the foundation’s Gulf Environmental Benefit Fund bring its total allocations across the five Gulf states to $1.6 billion, a news release said.

Alabama is getting more than $43 million for four new projects, the foundation said. Florida is getting nearly $33 million for one new project. The remaining $27 million will support six new projects and continue two others in Mississippi.

OILS’ BEAR MARKET MAY BE A SHORT ONE

The Gulf Environmental Benefit Fund received $2.5 billion in settlement money from criminal charges against BP and its codefendants. The fund is for work to fix damage and reduce risks of future damage to natural resources affected by the 2010 Deepwater Horizon oil spill.

State and national agencies work to identify potential projects to ensure coordination with activities under two other programs that received money from spill settlements or fines.

Three of the new projects in Alabama are designed to stabilize eroding shorelines and restore coastal marsh in Mobile County and on the north side of Dauphin Island. Previous grants covered engineering, design and permitting for those projects. The fourth grant will pay for engineering and design of beach and dune restoration on Dauphin Island’s west end.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Florida plans to use its award to acquire and manage about 32,000 acres (13,000 hectares) of wetland and floodplain habitat in the Apalachicola watershed. That’s aimed at ensuring sufficient freshwater and nutrient flow to Apalachicola Bay and the Gulf of Mexico to support oysters and marine fishes.

Source: Read Full Article