With a jumpstart of $3 billion dollars into an established account, BP has officially begun it’s project to compensate those individuals hurt by the big Gulf oil spill. This money will be used in a wide variety of ways to promote clean up and financial assistance to the areas surrounding the gulf.

As reported by Bloomberg.com:

“The U.S. completed negotiations with BP Plc to establish the $20 billion fund that will compensate victims of the Gulf of Mexico oil spill, the Justice Department said.

BP said today it deposited $3 billion into the escrow account, which executives at the London-based company agreed to set up on June 16 after meeting President Barack Obama and White House aides.

The deposit is “ahead of schedule” and shows the company’s commitment to “making it right in the Gulf,” said Robert Dudley, who replaces Tony Hayward as BP’s chief executive officer on Oct. 1. BP planned to make the deposit by Sept. 30.”

The industries affected by the oil spill are continuing to struggle and it will be unknown for months and perhaps years to come just how damaging to the ecosystem this spill will be. Nature, wildlife, and the smooth operation of modern economics are all in play here as time passes. BP intends to deposit billions of more dollars in the compensation account over the course of the next few years until $20 billion is reached, as agreed upon with President Obama some months before.

For individuals who have been injured or who’s business has been damaged by the gulf spill, consult our Louisiana oil spill lawsuit page to receive more information and guidance on how to get assistance and compensation.