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
Reactions to the Deepwater Horizon oil spill of one of the country's leading companies", to President Obama (text of letter) that expressed a concern over "double standards" compared to the sub-prime based banking crisis of 2007–2010 and over "prejudicial and personal" comments in the media. Initially BP downplayed the incident; CEO Tony Hayward called the amount of oil and dispersant "relatively tiny" in comparison with the "very big ocean." Hayward also initially stated that the environmental effect of the Gulf spill would likely be "very very modest." Later, he said that the spill was a disruption to Gulf Coast residents and himself adding, "You know, I'd like