RESTORE Act

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RESTORE Act
Great Seal of the United States (obverse).svg
Other short titlesResources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act
Acronyms (colloquial)RESTORE Act
Enacted bythe 112th United States Congress
EffectiveJuly 6, 2012
Codification
Acts amended Moving Ahead for Progress in the 21st Century Act
Legislative history
  • Passed the Senate on March 14, 2012 
  • Passed the House and Senate on June 29, 2012 
  • Signed into law by President Barack Obama on July 6, 2012

The RESTORE Act (the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act) is a United States federal statute that was signed into law by President Barack Obama on July 6, 2012. [1] It was enacted by the 112th United States Congress as an amendment of the Moving Ahead for Progress in the 21st Century Act (MAP-21), a transportation bill that included many other provisions. [2] The act was in response to the Deepwater Horizon oil spill that occurred on April 20, 2010, which caused significant environmental, ecological, and economic damage to the U.S. Gulf Coast.

Contents

Origins

On April 20, 2010, the Deepwater Horizon , an oil rig located in the Gulf of Mexico that was owned by Transocean and drilling for British Petroleum (BP) exploded, killing 11 workers and injuring 16. The rig burned for over a day before it sank into the gulf on April 22, 2010. Following the explosion, the seafloor oil gusher flowed for 87 days, spilling an estimated 4.9 million barrels (780,000 m3) of oil into the gulf. [3]

The spill resulted in widespread damage to the environment and ecology of the gulf coast states, as well as subsequent economic damage to their tourism and fishing industries. BP settled with the Department of Justice for a record-high $4.525 billion in fines, however further legal proceedings are ongoing. In September 2014, a U.S. district judge issued a ruling that BP was mostly responsible for the spill, which could result in as much as $18 billion in additional penalties under the Clean Water Act. [4]

Bill

The purpose of the RESTORE Act is to direct the allocation of civil penalties paid after July 6, 2012 under the Clean Water Act. It directs that eighty percent of the money collected will go the Gulf Coast Restoration Trust Fund in the U.S. Treasury Department, a trust fund created under the bill, [5] and that twenty percent will go to the Oil Spill Liability Trust Fund, which is managed by the U.S. Coast Guard and available primarily for oil spill related emergency response efforts. [6]

The eighty percent that will go to the Gulf Coast Restoration Trust Fund will be allocated as follows: [7]

Legislative history

On July 21, 2011, Senators Mary Landrieu (D-La.) and Richard Shelby (R-Ala.) introduced the RESTORE Act with support from environmental and business organizations. [8] On March 14, 2012, the Senate passed the RESTORE Act as an amendment to the transportation bill 76-22. On June 29, 2012, both the House and Senate passed the full transportation bill by votes of 373-52 and 74-19, respectively. On July 6, 2012, President Barack Obama signed the transportation bill, including the RESTORE Act, into law. [9]

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<i>Deepwater Horizon</i> explosion 2010 oil disaster in the Gulf of Mexico

The Deepwater Horizon drilling rig explosion was an April 20, 2010 explosion and subsequent fire on the Deepwater Horizon semi-submersible mobile offshore drilling unit, which was owned and operated by Transocean and drilling for BP in the Macondo Prospect oil field about 40 miles (64 km) southeast off the Louisiana coast. The explosion and subsequent fire resulted in the sinking of the Deepwater Horizon and the deaths of 11 workers; 17 others were injured. The same blowout that caused the explosion also caused an oil well fire and a massive offshore oil spill in the Gulf of Mexico, considered the largest accidental marine oil spill in the world, and the largest environmental disaster in U.S. history.

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The civil and criminal proceedings stemming from the explosion of Deepwater Horizon and the resulting massive oil spill in the Gulf of Mexico began shortly after the April 20, 2010 incident and have continued since then. They have included an extensive claims settlement process for a guilty plea to criminal charges by BP, and an ongoing Clean Water Act lawsuit brought by the U.S. Department of Justice and other parties.

This article covers the effect of the Deepwater Horizon disaster and the resulting oil spill on global and national economies and the energy industry.

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Following is a timeline of the Deepwater Horizon oil spill for July 2010.

Following is a Timeline of the Deepwater Horizon oil spill for May 2010.

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<i>Deepwater Horizon</i> oil spill response

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References

  1. "Restore Act". treasury.gov. Retrieved 12 November 2014.
  2. "Senate Includes RESTORE Act on Transportation Bill". wildlifemanagementinstitute.org. Retrieved 11 November 2014.
  3. "On Scene Coordinator Report: Deepwater Horizon Oil Spill" (PDF). uscg.mil. Retrieved 15 November 2014.
  4. Robertson, Campbell; Krauss, Clifford. "BP May Be Fined Up to $18 Billion for Spill in Gulf". nytimes.com. Retrieved 14 November 2014.
  5. "Summary of the Restore Act of 2012" (PDF). balch.com. Retrieved 12 November 2014.
  6. "The Oil Spill Liability Trust Fund (OSLTF)". uscg.mil. Retrieved 11 November 2014.
  7. "Restore Act". treasury.gov. Retrieved 12 November 2014.
  8. "Justice for the Gulf Coast: The RESTORE Act Timeline" (PDF). landrieu.senate.gov. Retrieved 11 November 2014.
  9. "Justice for the Gulf Coast: The RESTORE Act Timeline" (PDF). landrieu.senate.gov. Retrieved 11 November 2014.