R Street urges fiscal responsibility in use of BP spill money
WASHINGTON (Oct. 6, 2015) – In light of today’s announced $20.8 billion settlement between the federal government, Gulf Coast state governments and BP, the R Street Institute is pleased the parties were able to avoid expensive and protracted litigation with respect to the civil claims stemming from the 2010 Deepwater Horizon oil spill disaster.
The institute is currently reviewing reviews details of the settlement agreement and will continue to recommend pragmatic policies that protect the taxpayer, restore the environment and foster economic opportunity, according to Cameron Smith, R Street’s state programs director.
“This settlement will give impacted states certainty about the resources available to restore their respective coasts,” Smith said. “Now is the time to focus on the economic and environmental restoration projects themselves and ensure the money is used wisely.”
In an effort to ensure that projects focus on remedying actual harms while protecting taxpayers from unfunded future costs, R Street has developed a scorecard to evaluate projects funded by the civil penalties agreed to in the settlement.
“We need to use these resources to rehabilitate impacted areas, rather than treating the settlement as a one-time windfall for pet political projects across the Gulf Coast states,” said Smith. “These resources represent a significant environmental and economic tool for the region that we can’t afford to squander.”
