BILOXI, Miss.- Tuesday was the 5-year anniversary of the largest offshore oil spill in U.S. history. In April 2010, the Deepwater Horizon oil drilling rig exploded in the Gulf of Mexico, resulting in oil flowing unchecked for three months straight, releasing millions of barrels of crude oil, shutting down tens of thousands of square miles of federal waters, and causing extensive damage to tourism and marine and wildlife habits.
Two years later in June of 2012, the RESTORE Act was put in place to establish a federal trust fund for Gulf Coast Restoration. RESTORE is an acronym for Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies.
Read Hendon, Director of Research and Development at the Center for Fisheries, says that 80% of all Clear Water Act Penalties go into the trust fund. Below you’ll find how the funds are divided, taken from the US Treasury website.