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
Gulf of Mexico Coast Guard Rear Adm. Sally Brice O'Hare stated that the U.S. government will be "employing booms, skimmers, chemical dispersants and controlled burns" to combat the oil spill. By May 1, 2010, the oil spill cleanup efforts were underway, but hampered by rough seas and the "tea like" consistency of the oil. Cleanup operations were resumed after conditions became favorable. On May 27, 2010, The USGS had revised the estimate of the leak from to 12,000– an increase from earlier estimates. On July 15, 2010, BP announced that the leak stopped for the first time in 88 days. In July 2015