GREEN
07/27/2010 06:22 pm ET | Updated May 25, 2011

BP Claiming $9.9 Billion Tax Refund To Cover Gulf Oil Spill Costs

So, the clean-up of BP's Gulf oil spill may cost U.S. taxpayers after all.

President Obama has insisted BP would bear the entire cost of cleaning up the spill and making the injured business and wildlife whole again. And yet BP said today it plans to claim $9.9 billion in U.S. tax credits based on the $32.2 billion charge it reported related to costs for the Gulf oil spill. That means that $9.9 billion that might have been going into the federal government's general fund will be used to cut BP's spill costs by a third.

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