Hood Expects Big Take from Oil Spill

By: The Associated Press
By: The Associated Press

Attorney General Jim Hood says Mississippi
could reap hundreds of millions of dollars from litigation over the 2010 Gulf of Mexico oil spill.

Last week's settlement by MOEX Offshore 2007 LLC, which owned 10 percent of the Macondo well, totaled $90 million. Of that, Mississippi got $5 million in civil penalties and $5 million in coastal restoration money.

Hood says majority-owner BP PLC and others could give Mississippi a total of $100 million in penalties and restoration money.

A bigger pot could await economic damage claims. Hood says between $250 million and $500 million on claims of lost tax money and additional expenses is possible.

Hood says he does not want to settle Mississippi's environmental damage claims soon, saying he wanted to give more time to let long-term effects emerge.

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