Gulf Oil Spill Has Cost BP $930 Million So Far

NEW YORK — BP PLC says it has spent $930 million so far responding to a ruptured oil well in the Gulf of Mexico.

The British oil giant owns the well that's gushed millions of gallons of crude for more than a month.

The company made the estimate Friday in a regulatory filing. The costs include what it has spent on responding to the spill, drilling relief wells, paying grants to Gulf states, damage claims and federal costs.

BP says it's too early to quantify other potential costs and liabilities associated with the spill.

Scientists say the Gulf spill much worse than the Exxon Valdez disaster of 1989.

Comments

[copperqueen]

05:14 PM on 05/29/2010

BP will recover, the Gulf Coast and the Oceans may never recover. AK is still dealing with the consequences of the Exxon Valdez.

[alfredo 1]

11:40 PM on 05/28/2010

Right! They made about 7 times that much in profit in the last quarter alone. In addition to that we, the taxpayers of the US, have spent over $1 trillion so far to protect, defend, and increase, their oil holdings in the Middle East (plus over 6000 lives lost) just since W. Bush was appointed President by the five Subprime members of what once was the Supreme Court of the U.S.

[Waiting4Hope]

10:36 PM on 05/28/2010

Time to sell your stocks in BP and buy some in Bounty Paper Towels.

[FunkUniversity]

10:16 PM on 05/28/2010

Should I get out my hankie for BP?

More interestingly,

Is BP TOO BIG TO FIRE?

Read about the entanglement of the US government and big oil here:

http://funks2.wordpress.com/2010/05/28/______________bp______________-__________too-big-to-fire__________/

[trying2help]

10:15 PM on 05/28/2010

Those are monies they are paying to themselves to clean up. Screwed up accounting me thinks. They can charge exorbitant rates for labor and consultants and get paid again for this mess.

There is no repayment for an environment ruined for a generation of more. Some species may never come back. We have no idea what the cost of this spill will be yet. I for one am not particularly troubled by BP presented costs. Like most else I suspect they re highly inflate for themselves but will never reflect the true costs to the Gulf ecosystem, the people who live there and the world.

[pyecat]

10:09 PM on 05/28/2010

That's it? That's their cost for fumbling though makeshift solutions? Clearly that's not their total cost.

[hollybork]

10:02 PM on 05/28/2010

They spent at least a third of that:
1) hiring an adjustment agencie at $9000 per hour to locate and negotiate deals with coastal claimants before the claimants know what their damages are;
2) putting out dubious press releases with impressive visuals of men in hazmat suits shoveling dog shit off a beach dog park;'
3) Buying advise from Rethuglican Think Tanks and well connected conservative media experts on how to disguise the amount of oil gushing daily out of the well;
4) having Annie Liebowitz document in before and after pictures Tony Hayward's suntan and tousled hair to prove to the Board of Directors that the executives know how to hustle;
5) renting a small village of McMansions in Houma, Louisiana with special air conditioning and filtered air purification systems for Hayward and the other top execs to stay nightly whilst inconvenienced in "the field" by this little accident.

[sharonh]

09:33 PM on 05/28/2010

Cost them 930 million--oh boo hoo. BP's 2010 first quarter profits were $5.6 billion, a 135 percent increase over the first quarter of 2009.

[Fight The Right]

09:00 PM on 05/28/2010

America needs to drill for its oil using the US Army Corps of Engineers, this could be done being non-profit. why do we allow these crap oil companys drill our oil and make insane profits at the expense of our evninorment.

[sharonh]

09:34 PM on 05/28/2010

See Cheney's closed-door energy policy meetings.

[smaxon1]

10:09 PM on 05/28/2010

Yes, because the US Army Corps of Engineers has such a good track record.....
...Katrina anyone?

[NormalAmericanMan]

11:16 PM on 05/28/2010

Underfunded agencies fail.

[pinkylee23]

09:00 PM on 05/28/2010

Dirge for the age:
DUMP OIL on 'adolf' svanberg, suttles and hayward!
Dump oil on all BP workers!
Jail all BP workers for life
Strip all BP workers of their assets and use them for the clean up
Dismantle BP as a warning to other 'oilistas'
Jail all regulators for life
Fire salazar
Fire chu
Remove obama from the B(ack) P(ocket)
SOS! Save Other Species!!!! Stop the human greed!!!
SOS! Save Other Species!!!! Stop the human greed!!!

DUMP OIL on 'adolf' svanberg, suttles and hayward!
Dump oil on all BP workers!
Jail all BP workers for life
Strip all BP workers of their assets and use them for the clean up
Dismantle BP as a warning to other 'oilistas'
Jail all regulators for life
Fire salazar
Fire chu
Remove obama from the B(ack) P(ocket)
SOS! Save Other Species!!!! Stop the human greed!!!
SOS! Save Other Species!!!! Stop the human greed!!!
SOS! Save Other Species!!!! Stop the human greed!!!

[nickfromla]

08:02 PM on 05/28/2010

Full video coverage of the BP Oil Spill: http://www.frequency.com/topic/bp-oil-spill/33855

[Luca]

08:01 PM on 05/28/2010

Now that we ALL know how much oil is coming from a simple leak in an oil pipe; and because we ALL know that any oil company would always want to get the MOST oil production out of any well, I sure do hope that someone will look into what BP has been reporting to the IRS and/or the US oil agency regarding how many barrels they have been pulling out of this particular well during its operation. I bet we'll discover that HUGE under-reporting of oil extraction (and therefore payment of taxes, etc.), is standard in the industry. Here is a chance to have a test case!! Wonder why they were trying to limit the numbers regarding the leak? We'll, it was NOT solely because of the bad publicity regarding the spill. UNCLE SAM has been scammed by all oil companies drilling on US property. PLEASE someone talk about this on the news and get an investigation going. This is what contributes tremendously to the oil companies profits, at our expense. Remember, this is a non-renewable resource they are stealing, and NOT paying extraction-related taxes, etc.

[alfredo 1]

11:52 PM on 05/28/2010

I do not believe that this was a producing well yet. But no doubt this will be a lucrative well with billions of barrels of recoverable oil. It'll be interesting to see what kind of a tax-write off they will claim and for how many years? We, the the tax payers of the U. S., will be paying for all of this disaster both in higher gasoline prices and BP tax-write offs. Besides all the other oil companies will be able to raise prices too

[PaiaGirl]

07:38 PM on 05/28/2010

Seems like the U.S. government should be able to yank all their permits.

[Kyrillos Wickenberg]

07:23 PM on 05/28/2010

Hope this bankrupts them put them totally out of business for their shenanigans.

[PaiaGirl]

07:39 PM on 05/28/2010

I think this is only 15 days of their profits

[leatherface49]

06:59 PM on 05/28/2010

i'm not greedy, all i want is the revenue that bp, shell and exxon take in over 10 years....i could really spruce up my house then

now remember, the revenue, not profit . bp=US $246.1 billion (2009)
shell= US$ 278.188 billion (2009)
exxon=US$310.58 billion (2009
so yep all3 combined in 2009 had rev of about 834 billion times 10 years = 8.34 trillion..........yea i could get a hell of a house for that 7 bedrooms and 5 baths!!!