Lawmakers Agree On BP Fines Split

Lawmakers have reached an agreement that could mean billions of dollars for Gulf Coast states in the wake of the BP oil disaster.

Alabama Sen. Richard Shelby (R) and Louisiana Sen. Mary Landrieu (D) announced the agreement that calls for dedicating at least 80% of BP penalties paid under the Clean Water Act to Gulf states, according to a press release sent from the Louisiana senator's office.

Alabama Sen. Jeff Sessions, Sen. David Vitter (D-La) and senators from Mississippi and Florida also attended the news conference.

Thirty-five percent of the money would be split evenly among the five Gulf Coast states. That means 7% will go to each state.

Another 30% would be allocated according to an "impact driven formula," which is a weighted average of shoreline miles oiled, proximity to the well, and average coastal population.

Watch the newsconference

The document below is a summary of the RESTORE the Gulf Coast Act of 2011
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