Vitter and Landry's Legislation Pays Dividends: BP to Pay $1 billion Upfront for Restoration Projects

Press Release

U.S. Sen. David Vitter and U.S. Rep. Jeff Landry applauded an agreement announced today that will direct BP to pay $1 billion upfront for coastal resource restoration. Garrett Graves, chairman of the Louisiana Coastal Protection and Restoration Authority, has cited Vitter and Landry's Natural Resources Restoration Act as a vital bargaining chip in the negotiations.

"I am pleased that BP is fulfilling their responsibility to negotiate in good faith and allow Gulf Coast states to begin projects to restore our natural resources. I'm particularly thankful for Garret's work in bringing BP to the negotiating table to secure this deal," said Vitter. "This is a positive first step, but I will continue pushing our legislation to make BP immediately set aside a down payment for restoration projects of resources damaged by the Deepwater Horizon oil spill."

"Today's agreement is a great first step towards restoration of the Gulf Coast, and I commend Chairman Graves for his hard work in securing this first payment," said Landry. "However, today's announcement increases the necessity for our legislation to be passed. BP cannot buy the Coast off with a $1 billion upfront payment and think they can slow walk in providing the rest of what is owed."

"Waiting years to begin restoring the Gulf from the oil spill impacts is simply not an option. The Natural Resources Restoration Act added significant leverage to negotiations, and I still support its passage to further front-load restoration work," said Graves.

Vitter and Landry's bill would expedite payments through the Natural Resources Damage Assessment payment process so that work to repair and restore fisheries, oyster beds and marshland could start immediately. Currently through the NRDA process, Louisiana could wait ten years or longer for payment.

BP could owe as much as $10 billion through the NRDA process to determine how much the company should pay for damaging natural resources during the Deepwater Horizon oil spill.

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