Deepwater Horizon Oil Spill Trust Deepwater Horizon Oil Spill Trust The "Deepwater Horizon" Oil Spill Trust is the $20 billion trust fund established by BP to settle claims arising from the "Deepwater Horizon" oil spill. The fund was established to be used for natural resource damages, state and local response costs and individual compensation. It was established as Gulf Coast Claims Facility (GCCF), announced on 16 June 2010 after meeting of BP executives with U.S. President Barack Obama. In June 2012, the settlement of claims through the GCCF was replaced by the court supervised settlement program. After the "Deepwater Horizon" oil spill started, BP promised
Oil spill governance in the United States oil spill in the Gulf of Mexico suggest more can and should have been done in this area. Evidence of this fact is present in the recommendations and investigations present in the January 2011 report by the recently established National Oil Spill Commission. A further sign of lack of proper governance is implicit in the action of the federal government to rename and reform the Minerals Management Service (MMS) into the now Bureau of Ocean Energy Management, Regulation and Enforcement. The 1989 "Exxon Valdez" oil spill served as a major focal point in oil spill governance and reform. Prior to