BP’s Oil Spill Cost So Far: $625 Million (and Counting)

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Despite the partial success of the new siphon British Petroleum is using to help stop an undersea oil gusher in the Gulf of Mexico, the company admits the actual cost of the environmental catastrophe remains quite high.

On May 10, BP reported the price tag at $350 million. In a fresh statement on May 17, cost estimates went up to $625 million. That cost includes $70 million in grants to the states of Florida, Alabama, Louisiana and Mississippi, all of which have coastline along the oil-slicked waters. Components of the spill bill include grants to those states, emergency responses, containment, relief well drilling, settlements and federal costs.

But the dollar drain for the company is likely to keep increasing — the spill is still putting 2,000 barrels of oil each day into the sea, although some scientists believe an estimate in the magnitude of 70,000 barrels is more accurate.

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