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

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

Regarding the Barry Manilow concert in Coral Gables

Image
[ Editor's note ] Three monumental things have happened to me at the BankUnited Center. In 2004, my high school held its graduation ceremony there. In 2008, I heard presidential nominee Barack Obama speak about the future. And this past Saturday night, I saw the incomparable Barry Manilow perform in concert. To say that Barry remains every bit the superstar I was hoping for is putting it mildly. At 67 years young, he brought all the magic, the smiles, and the bandstand boogie he's famous for and then some. Funny, talented and charmingly self-deprecating, Barry Manilow remains without equal. Admittedly, the night started off rather poorly. Barry’s opening act was a man named Gerry McCambridge who has allegedly been wowing audiences at Planet Hollywood in Las Vegas since 2005. As the creative force and inspiration behind the TV show The Mentalist , McCambridge's schtick is to do clever things with numbers. Honestly, I've never thought that doing anything with numbers w
Read more

Gay porn actor Timothy Boham found guilty of murder in Denver

Image
Update on last week's story . Towleroad reports : It was almost two-and-a-half years ago when Timothy Boham (known also by his adult film persona Marcus Allen) was taken into custody just steps away from the Mexico border, on the run following the murder of Denver businessman John "JP" Kelso.Yesterday he was convicted of murdering Kelso, his former boss and sexual partner, and will spend the rest of his life in jail: Timothy Boham, 28, was found guilty by a nine-woman, three-man jury in Denver District Court of first-degree murder after deliberation, felony murder and aggravated assault. Colorado law mandates that someone found guilty of first-degree murder must spend the rest of their life in prison, without the possibility of parole. Judge Will Hood Jr. will hand down the sentence Tuesday. The jury took less than five hours to convict Boham, whose lawyers — Amber St. Clair and Kristan Wheeler — claimed that his victim, wealthy Denver businessman J.P. Kelso, committed su
Read more