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 volume is a limited measure of damage or impact. Smaller spills have already proven to have a great impact on ecosystems, such as the "Exxon Valdez" oil spill because of the remoteness of the site or the difficulty of an emergency environmental response. Since 2004, between 300 and 700 barrels of oil per day have been leaking from the site of an oil-production platform 12 miles off the Louisiana coast which sank in the aftermath of Hurricane Ivan. The oil spill, which officials estimate could continue throughout the 21st century, will eventually overtake the 2010 BP Deepwater Horizion disaster as