Texas to collect $750 million from BP oil spill

BP Exploration and Production Inc. will pay Alabama, Florida, Louisiana, Mississippi, Texas and the federal government $18.7 billion in damages and penalties related to the BP Deepwater Horizon Gulf of Mexico spill. Of that total, BP will pay $5.5 billion in Clean Water Act penalties, which will be payable over the next 15 years; $7.1 billion to the federal government and the five Gulf States over the next 15 years for natural resource damages; a total of $4.9 billion in economic damages to the…