Feinberg Says Gulf Will Recover from BP (NYSE:BP) Oil Spill by 2012

After pouring over as much data he can find on the effects of BP's (NYSE:BP) oil spill on the Gulf of Mexico, Kenneth Feinberg, who oversees the $20 billion compensation fund, said he sees the Gulf recovering by 2012.

Feinberg said by that time the economy should be healthier and the effects of the spill to have dissipated.

Feinberg says, "For every claimant who is eligible other than oyster harvesters, we believe at the GCCF that it is reasonable to conclude full recovery by the end of 2012. There will be gradual recovery over the next two years."

Responding to criticism and uncertainty as to whether or not victims have been properly compensated, Feinberg noted, "If people feel that I have misread the available data or have underestimated the long term data don't take the final payment."

Lawyers have been circling around the victims, attempting to portray Feinberg in a negative light, as they want more of the money the fund offers, which they'll get if victims go that route.

The problem is even if the lawyers win more money for them, after the fees they charge and possibly years down the road, they may get nothing more than they would have received if they deal directly with Feinberg. The only ones getting more money will more than likely be lawyers.

BP (NYSE:BP) closed Monday at $46.54, gaining $0.51, or 1.11 percent.