BP, Europe's second-largest oil company, does not want to pay future losses to victims of the 2010 oil spill in the Gulf of Mexico, the worst oil spill in U.S. history, saying that the Gulf coast region is starting to recover economically. Following the spill, BP set up a $20 billion spill victim's compensation fund.
BP says the fund should end payments for future losses to everyone, except in limited cases for oyster harvesters, according to the Associated Press. BP (BP) stated its case in a 29-page document filed by the company last Friday.
The British oil giant previously argued that fund administrator Ken Feinberg's formula for determining final payments artificially inflates future expected losses, according to the AP. Feinberg said the compensation fund will consider all input and take it under advisement.
BP claims that the tourism and hospitality industries in the Gulf coast region are thriving, noting that tourist dollars had returned to pre-spill levels and that U.S. regulators had reopened Gulf fishing areas while giving the seal of approval to Gulf seafood.