BP Settlement Should Be Directed to Trust Fund, Says Senator Gerald Dial

By Gerald Dial

MONTGOMERY, Ala. – Senator Gerald Dial (R-Lineville) released the following statement regarding how the legislature should direct the BP settlement:

“The BP settlement will provide approximately $1 billion to the State of Alabama. Attorney General Luther Strange and the Beasley Allen law firm are to be commended for their hard work in holding BP accountable and securing this settlement. Over the years, I have seen other opportunities to reach a settlement fall by the wayside, and the Offshore Oil Settlement has still yet to be resolved. This was a wise move by General Strange and Governor Robert Bentley.

“According to discussions I have had with financial experts, we can discount the 18-year $1 billion settlement on the fair market for an immediate $700-800 million. It would be the best use of these funds to immediately pay back the debt we owe to the Alabama Trust Fund, which is around $500 million. Since stripping the ATF, we have seen a drastic decrease in interest income to the General Fund, and my proposal would correct that situation.”

 

Senator Gerald Dial represents District 13 in the Alabama Senate, which includes all or parts of Randolph, Lee, Cleburne, Clay, Cherokee, and Chambers counties. He serves as Chairman of the Senate Health & Human Services Committee. Gerald and his wife Faye reside in Lineville.