BP Gulf spill costs hit $2 billion, no end yet
ON THE GULF OF MEXICO (AP) — BP said Monday it has spent $2 billion in two months fighting its Gulf of Mexico oil spill and compensating victims, with no end in sight.
The British oil giant released its latest tally of response costs, 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 for Gulf residents and businesses hurt by the spill.
Kenneth Feinberg, who has been tapped by President Barack Obama to run the 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," he said.
Scores of people and companies have sued BP for the April 20 rig explosion that killed 11 workers and set off the worst offshore oil spill in U.S. history. Scientists estimate anywhere from 68 million to 126 million gallons has spilled from the blown-out well on the seafloor.
It's likely to be at least August before crews finish two relief wells that are the best chance of stopping the spill.