The $8 Billion Oil Spill

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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AP / Gerald Herbert

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