10 things you need to know today: July 3, 2015

BP reaches a record $18.7 billion settlement for the Gulf oil spill, ex-senator Jim Webb launches presidential bid, and more

A worker picks up blobs of oil in Louisiana.
(Image credit: AP Photo/Gerald Herbert, File)

1. BP agrees to $18.7 billion settlement for Gulf oil spill

BP has agreed to pay $18.7 billion to settle all claims against it in connection with the 2010 Gulf of Mexico oil spill, officials said Thursday. The settlement, which still must be approved by a federal judge, would be the largest environmental settlement ever. States and cities along the Gulf Coast have said the spill chased off tourists and fish, and cost them a fortune in taxes. The payments would include $5.5 billion under the Clean Water Act, $7.1 billion for environmental harm, $5 billion to the states, and $1 billion to local governments.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.