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2 Feb 2011

Jim Snyder, Bloomberg

Gulf of Mexico to Recover From BP's Spill by 2012 [USA]

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The Gulf of Mexico probably will fully recover from the BP Plc oil spill within two or three years, said Kenneth Feinberg, who administers a $20 billion claims fund. The Gulf Coast Claims Facility, established by BP last year, will judge final payments to individuals and businesses seeking compensation for spill damages based on the estimates for recovery...Because oysters may require more time to recover than marine life such as shrimp or fish, the region’s oystermen will be paid four times their actual 2010 losses, he said...Jeffrey Breit, a Norfolk, Virginia-based attorney and a member of a plaintiff’s steering committee representing spill victims, faulted the conclusion about the pace of recovery in the region.