BP says it's spent $2 billion so far on oil spill

BP has spent $2 billion in two months of fighting its Gulf of Mexico oil spill and compensating victims, with no end in sight to the disaster or the price tag.

The British oil giant released it's latest tally of response costs today, including $105 million paid out so far to 32,000 claimants. The figure does not include a $20 billion fund that BP PLC last week agreed to set up to continue compensating Gulf residents and businesses. There are also scores of lawsuits piling up against BP for the April 20 rig explosion that killed 11 workers and ensuing oil spill that has yet to be capped.

Also today, the man President Barack Obama picked to run the $20 billion damage fund said many people are in "desperate financial straits" and need immediate relief.

"Do not underestimate the emotionalism and the frustration and the anger of people in the Gulf uncertain of their financial future," Kenneth Feinberg told interviewers. "It's very pronounced. I witnessed it firsthand last week."

Feinberg, who ran the victims claim fund set up in the wake of the Sept. 11, 2001, terrorist attacks, said he is determined to speed up payment of claims.

Shares of BP, which have lost about half their value since the rig Deepwater Horizon burned and sank off the Louisiana coast, were down nearly 5 percent Monday in London trading at $5.06. The rig was owned by Transocean Ltd. but run by BP.

BP also argued that its partners in the oil well project must share responsibility for the disaster costs. BP owned 65 percent of the well, while Anadarko Petroleum Corp. had 25 percent stake and a subsidiary of Mitsui & Co. Ltd. of Japan had a 10 percent stake.

(Via MSNBC)

Meanwhile, BP CEO and all around douchebag Tony Hayward was yachting this weekend:

Visit msnbc.com for breaking news, world news, and news about the economy

Comments

Anonymous said…
Not to mention all the costs when/if they ever plug up that spill. The fines, litigation, cases are going to be unbelievable. E-discovery costs alone are going to cost 100 Million. And that's just the early litigation phase. This whole ordeal is insanity, serves BP right to pay that much.
June 24, 2010 at 11:13 AM
Post a Comment

Popular posts from this blog

Sunny von Bulow dies after 28 years in coma

Image
After spending nearly 28 years in an irreversible coma, heiress and socialite Martha "Sunny" von Bulow died Saturday in a New York nursing home, according to a family statement. She was 76. Von Bulow was subject of one of the nation's most sensational criminal cases during the 1980s. Her husband, Claus, was accused of trying to kill her with an overdose of insulin, which prosecutors alleged sent her into the coma. He was convicted of making two attempts on her life, but the conviction was overturned on appeal. He was acquitted in a second trial. His retrial in 1985 received national attention. (Via CNN )
Read more

Ric Alonso resigns from pageant association after porn revelation

Image
Kevin Hogan wasn't the only person this week ambushed out of a job for his participation in the gay adult film industry. FOX News reports : Ric Alonso and his partner of 21 years, Ernie Koneck, have both been both prominent power players in the Southern California Scholarship Association — an incorporated not-for-profit association — which produces the Miss Hollywood pageant, an official preliminary to Miss California, and a feeder to Miss America. Alonso is listed as the first “major sponsor” for 2011 scholarship donations, while partner Koneck has been the pageantry point of contact and is featured in photographs alongside the smiling young sashed pageant contestants. On Tuesday, Alonso was exposed by RadarOnline as adult film actor and producer "Jake Cruise". FOX News adds: Following the revelation, Koneck announced his resignation Tuesday as Executive Director of the Southern California Scholarship Association, and said Alonso was in no way involved in the Miss Holl
Read more

Make Jerry Curl Great Again

Image
You can't consider yourself a writer if you don't write. In recent years, I have probably said those words to myself so often that they could be considered a mantra; a mantra that I don't want to embody but one that is nonetheless true. I don't write anymore. I don't write to faraway friends. I don't write to remember. I don't write for pleasure. I don't write for release. I don't even Tweet. At a recent job interview (for another job I didn't really want), I was asked what I would do for a living if I could do anything. Without even thinking about it, I said I would be a writer. But that was a stock answer. It's the answer I've always given to that question. But this time the answer felt phony. It felt forced. It didn't feel like me anymore. The real, ugly, scary truth is that I don't know if I still got the right stuff to be the writer I wanted to be. While I have always questioned the validity of my own voice (my
Read more