BP total up to $2 billion

BP announced they have spent $2 billion on the oil clean up so far. This includes “spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs”.

The stock has lost about half its value after April 19. BP created a $20 billion escrow account after pressure from the US government. It might not be enough.

Estimates for cleaning up the spill range from $11 billion to $100 billion.

BP started drilling two relief wells on May 2nd, but they are expected to be completed until August.

BP owns 65% of the well that’s spilling 60,000 barrels of oil into the Gulf.  Anadarko Petroleum, which owns 25% of the well, has been attempting to distance itself from BP, accusing its rival of reckless behavior.

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Posted on June 21, 2010, in Energy and tagged , , , , . Bookmark the permalink. Leave a comment.

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