Oil giant BP is urging the federal government to stop making payments to Gulf Coast residents affected by last year’s Gulf of Mexico oil geyser. BP claims that the improving economic conditions among areas hit the hardest by the oil provide enough evidence to show that they no longer need to be compensated for future losses from the environmental disaster.
To date, roughly $4.5 billion worth of claims have been paid out of the $20 billion fund established by the government and funded by BP to pay victims of the oil catastrophe. Claims continue to be filed with the government seeking compensation for their losses.
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