October 31, 2011
Final GAO Report: Last government investigations into BP oil spill recovery efforts
In October 2011, The Government Accountability Office (GAO) issued its final report about the Deepwater Horizon Oil Spill. The report reiterated to Congress that the existing fund cap may limit the government's ability to be reimbursed by British Petroleum (BP) for the cost of the oil spill cleanup. The cap is currently at $1 billion total expenditure per incident. Investigators believe government expenditures will surpass that cap and recommends that Congress approve a per-fund cap based on net expenditures rather than total expenditures.
As of May 31, 2011, the U.S. government has spent more than $626 million dollars on oil spill cleanup efforts.
The fund also advised the government to extend the barrel tax used to finance federal oil spill responses and improve cleanup procedures for future disasters.
Read the entire GAO report on the BP oil spill.