April 30th, 2010
09:04 PM ET

Gulf of Mexico oil spill could cost BP $3 billion or more

There are a lot of uncertainties right now about the Gulf oil spill. But one thing is clear: In addition to the intangible loss of wildlife, it's going to cost BP a lot of money.

Under current law an oil well's owner is responsible to foot the bill for the entire cost of clean up in the event of a disaster. In this case that includes BP and minority partners Anadarko and Mitsui.

Clean up costs are currently running about $6 million a day, according to BP. Those include the cost of running the remote submarines that are trying to close the well, the drilling rig that's needed to permanently cap the well, and the boats corralling and removing the oil from the water.

And with the government mobilizing to help in the clean up, it also includes reimbursing any costs that the Coast Guard or Navy incur above their normal operating expenses.

Read the full CNNMoney.com story

soundoff (24 Responses)
  1. BigDave

    $3 Billion is a meer dent in what these Oil Compnaies are making PER QUARTER. BP will simply bump thier prices up at the pump and recover nicely. Dumb headline for sure.

    It saddens me to the core to know that the oil is STILL coming out and there is no time table for it to stop.

    There MUST be a better way.

    It has to be more complicated then I am thinking....Can somebody tell me what the obsticale are that BP is trying to overcome down at the site of the uncapped well?

    May 2, 2010 at 10:45 am | Report abuse |
  2. save the gulf

    to tell you the truth i dont give a crap what happens to the oil i care about the animals being affected by it they should take the bp mangers and fill there homes fill oil.

    May 2, 2010 at 2:51 pm | Report abuse |
  3. Jacqueline

    Anyone using oil, petrol, plastics and/or products made from oil are responsible for this oil spill. Oiil companies have no option but to drill where oil pockets are located. Accidents happen!
    However, if you live in a tent, use a horse or donkey for transport and grow your own food then you have a have a right to complain.

    May 3, 2010 at 5:37 am | Report abuse |
  4. Nan

    Class Action Lawsuits filed by some Louisiana fishermen against:

    BP, which holds the lease to the offshore well

    Swiss-based Transocean Ltd, owner of the Deepwater Horizon drilling platform

    Halliburton Energy Services Inc, which the suit says was engaging in cementing operations of the well and well cap. The complaint says Halliburton "improperly and negligently performed these duties, increasing the pressure at the well and contributing to the fire, explosion and resulting oil spill."

    Cameron International Corp, which supplied the rig's blow-out prevention equipment "that failed to operate upon the explosion (and) should have prevented the oil spill."


    The leaks are almost a mile underwater and can only be reached by remote operated vehicles (ROVs) without human crews. There is more than one leak in a pipe connecting the well to the platform.

    May 3, 2010 at 12:06 pm | Report abuse |
  5. Amber Phillips

    the oil spill in Mexico would surely be one of the greatest environmental disasters for this year.'-"

    May 5, 2010 at 3:51 am | Report abuse |
  6. Cyllindra

    Oil is the only energy resource. We must continue drilling no matter what the potential and realized ramifications are. Anyone who disagrees with me is totally crazy and an idiot. All the other so-called energy sources, such as solar, wind, and hydro-electric are nothing more than a blend of 8th grade science projects and ridiculous pipe dreams. Our country was built on oil, and will only stay strong on oil. We must ensure possession of all oil deposits everywhere and then drill like mad to maintain our very reasonable (and sustainable) way of life. When techno-phobes and over-zealous tree-huggers fight these issues, they are denying true american values, and our superior way of life.

    May 6, 2010 at 3:56 pm | Report abuse |
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