14
Jun
10

BP Oil Spill Costs Reach $1.6 Billion

NEWS
BP Oil Spill Costs Reach $1.6 Billion

Monday, June 14, 2010

••• British energy group BP said on Monday that its costs of sorting out the Gulf of Mexico oil spill had risen to about $1.6 billion.

‘The cost of the response to date amounts to approximately $1.6 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs,’ BP said in a statement.
U.S. officials have demanded BP set up a special fund to pay oil spill claims and said President Barack Obama will give a rare White House address next week.

As Obama prepared to tour stricken states on his fourth visit to the Gulf of Mexico since the disaster, top aides ordered BP to set up an escrow account to pay legitimate claims and let an independent panel oversee the process.

The announcement of a prime-time televised address at 08:00 pm on Tuesday marked a significant elevation in the Obama administration’s strategy on the oil crisis.
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