BP’s $20B fund to start making payments next month

by Associated Press

Published: July 16,2010

Tags: disaster, energy, environment, offshore drilling, oil and gas, oil spill

GULF COAST — The $20 billion that BP has set aside to pay for losses caused by the Gulf of Mexico oil spill will start making payments in early August.

Ken Feinberg, who is in charge of paying individuals and private businesses for their lost income, told a meeting of government officials in Louisiana yesterday that he expected a seamless transition from BP management to his administration.

The fund has not been tapped yet, but Feinberg said by the end of the first week of August his group would be ready to make payments.

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