Treasury clears way for oil spill recovery grants with rules finalized; fund stands at $653M

Associated Press

The U.S. Treasury Department says it has cleared the way for Gulf Coast states and local governments to begin applying for recovery grants through a federal RESTORE Act trust fund containing money from civil penalties in the 2010 BP oil spill.

A department statement says that, so far, the trust fund has $653 million. That figure is expected to grow by billions.

Continue Reading Below

Under rules finalized Tuesday, 35 percent of the Gulf Restoration Trust Fund will be divided equally among Alabama, Mississippi, Louisiana and Texas state governments and a group of 23 Florida counties.

The federal Gulf Coast Ecosystem Restoration Council will use 30 percent for restoration and will distribute another 30 percent to the states. The remaining 5 percent is marked for research programs and monitoring.