BP Oil Spill Claims Czar Says Recovery In 3 Years

By: Associated Press Email
By: Associated Press Email

The administrator of BP's $20 billion Gulf
oil spill compensation fund says he expects the region to recover
within three years. The fund will use that assessment to determine
how much to pay spill victims in final settlements.

Attorney Kenneth Feinberg said Wednesday that the Gulf Coast
Claims Facility used "various data and expert reports" to
determine that a 30 percent recovery is likely in 2011 with full
recovery in 2012. He notes, however, that oysters will take longer.

Final settlement offers to those who lost revenue following BP
PLC's spill off Louisiana will be twice their documented 2010
losses. Oyster harvesters will be offered four times their
documented 2010 losses.

The fund has so far paid about $3.3 billion to 168,000
claimants, but many are still waiting for any money.

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