BP will pay $18.7B for Deepwater Horizon oil spill [VIDEO]

The Gulf Coast states and the federal government have reached a tentative settlement with BP for the British oil company to pay $18.7 billion over 18 years, to compensate for damages from the 2010 Deepwater Horizon oil spill, state officials said Thursday.

β€œThis is a landmark settlement,” Gov. Robert Bentley of Alabama said. β€œIt is designed to compensate the state for all the damages, both environmental and economic.”

The settlement covers suits filed by Louisiana, Mississippi, Texas, Florida and Alabama as well as the federal government.