The $8 Billion Oil Spill

Posted on Sep 3, 2010

AP / Gerald Herbert

Flames and smoke engulf BP’s Deepwater Horizon oil rig in the Gulf after an explosion on April 21.

New estimates of the cost of the BP oil blowout in the Gulf of Mexico have jumped to a staggering $8 billion, up $2 billion in August alone as the company announced it had already paid out almost $400 million in claims to individuals affected by the spill. —JCL

The BBC:

BP says the cost of its Gulf of Mexico oil spill has risen to $8bn (£5.2bn)—a rise of more than $2bn in the last month alone.

The company said it had paid out about $399m in claims to those affected by the spill.

Last week, responsibility for the claims was transfered to the Gulf Coast Claims Facility (GCCF), which has so far paid out a total of $38.5m.

Plans to permanently seal the well were also progressing well, BP said.

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