(LONDON) - Global media is reporting BP is nearing a settlement with the United States for the worst oil spill in American history.
The Sunday Times of London says BP is looking to spend $11 billion more to resolve all criminal and civil penalties associated with the 2010 Deepwater Horizon explosion and spill in the Gulf of Mexico.
The company has already set aside $37 billion to handle the cost of the disaster.
Worst case scenario, Clean Water Act Fines for each gallon that spilled could reach $25 billion dollars, but BP executives are hoping that it will be closer to $15 billion.
According to the recently passed Restore Act, 80% of those funds would go to Gulf Coast states.
It's likely that any settlement reached will allow BP to pay damages over several years.
