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- BP to Pay $4.5 Billion in Damages for Deepwater Horizon Oil Spill in the Gulf of Mexico Fri, 16 Nov 12, 7:16amTwo years after the horrific Deepwater Horizon explosion and massive oil spill in the Gulf of Mexico, the verdict is in for oil giant BP. The company has agreed to pay $4.5 billion in penalties and it pled guilty for felony...