Transocean to Pay $1.4 billion for its Role in the Gulf Oil Spill of 2010

On January 3, 2013, the Department of Justice announced that it has reached an historic settlement with Transocean for its role in the 2010 oil spill in the Gulf of Mexico. The $1.4 billion settlement will be paid under the Clean Water Act for civil and criminal penalties.

Much of these funds will go towards restoring the Gulf, as directed by the RESTORE Act. Gulf restoration and economic development groups lauded the announcement and issued the following statement:

The Cost of Oil: BP Barred from Doing Business with the US

BP has been barred from doing business with the US government for its role in the 2010 Gulf of Mexico Deepwater Horizon rig disaster and oil spill. Although BP is currently one of the largest holders of federal oil leases, the company will not be able to bid on any new federal oil leases, until they meet the EPA's standards.

In November, BP pleaded guilty to more than a dozen felony counts related to the disaster in the Gulf, including 11 counts of manslaughter over the deaths of 11 workers. The company also pleaded guilty to felony obstruction of justice for lying to Congress over the amount of oil spilling into the ocean.

BP Accused of Corporate Recklessness Including Willful Misconduct, Gross Neglect and Making False Statements

A recent US Justice Department court filing, accuses British Petroleum (BP) of gross neglect, as well as making false and misleading comments. The accusations stem from BP's handling of the 2010 explosion of the Deepwater Horizon that spilled 5 million barrels of oil into the Gulf of Mexico and killed 11 workers.

The Justice Department alleges false statements and misrepresentation over BP's assertion that the Gulf Coast's natural resources are making a "robust recovery" from its massive 2010 oil spill.