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. mark eyestone

    They should have their license to operate in the US suspended pending full review of all facilities.

    April 30, 2010 at 10:32 pm | Report abuse |
  2. BIg Pete

    Brilliant. If their licenses get suspended, you'll have no gas to put in your big fat SUV and you might have to walk everywhere you decide to go. Now you really didn't mean what you said, right? Promise to think it out a step or two next time before you start spouting.

    April 30, 2010 at 11:23 pm | Report abuse |
  3. Jen

    I concur! They should also be required to use the $560 million dollar insurance policy toward the clean up instead of putting it in an executives' pocket.

    April 30, 2010 at 11:28 pm | Report abuse |
  4. Jen

    To clarify, I concur with having their license suspended. They only produce 25% of our oil. Maybe we could start using alternative methods of energy instead, don't you think?
    Oil makes for strange bed fellows.

    April 30, 2010 at 11:33 pm | Report abuse |
  5. Allmanart

    I have been just so sad watching this all happen. Dont these oil companies have a disaster plan? I live in n. ala but my heart breaks for all the people, fish, birds etc that will be affected.. DUH... a little rope of cotton or whatever, will not keep the oil sludge back... and the oil keeps seeping.. I just want to punch so many from these oil companies that should have had a spill plan... especially after the Valdez nightmare...

    May 1, 2010 at 12:26 am | Report abuse |
  6. Adam

    Yo Big Pete. What's wrong with walking? I walk every day. I'm healthy, I have more money in my pocket, and I enjoy seeing those things around me at a slower pace every day. Got rid of my car last year, and never been happier...

    Can't do that? Move to somewhere you can...

    May 1, 2010 at 4:00 am | Report abuse |
  7. Steve Graff

    It's time to start jailing these people. BP executives should have been jailed for the Alaska disaster–and for Texas City. But this will turn out to be the worst man-made environmental in American history–if not the world. BP must be criminally charged for this and people must go to jail. That's the only penalty that's going to make these corporate executives start to think about ramifications.

    May 1, 2010 at 7:58 am | Report abuse |
  8. Mike

    BP should be on the hook to compensate every dollar lost directly due to this. This means the wages for fishermen, lost earnings to shrimp companies, lost tourism, clean up costs ... and so on. Perhaps BP should simply be taken over by the US government and used for the losses. What remains of BP could be run and profits go to US tax payers.

    May 1, 2010 at 8:13 am | Report abuse |
  9. Chelsi

    If you don't support the oil industry (or know anything about it), you should give up your petroleum-based luxury lifestyle and go live in a tree. The industry leaders HAVE prevention plans and spend millions of manhours and funds researching and taking preventative actions. I work on an oil rig – this is the WORST thing that could have happened. The BOPs failed. You're talking about some very serious mechanical and natural forces at work. You have no idea what it takes to produce oil and gas. A worst-case scenario like this one is the absolute last thing any member of the oil industry would want. BP execs have no reason to go to jail and why would the federal government ever take over BP? Do you know what BP even stands for? And it's not just the front runners like drilling companies and big oil companies – the 100s of thousands of jobs the oil industry creates and maintains plus all the support industries. And they are taxed HEAVILY already. Also, oil companies are major funders and proponents of alternative energy sources – these people know what they're doing.

    May 1, 2010 at 2:11 pm | Report abuse |
  10. Phil4us

    What caused the reported explosion that led to the oil spill? I have been looking for something regarding the cause of the so called explosion in the various media outlets and interestingly nothing!!

    May 1, 2010 at 3:08 pm | Report abuse |
  11. mary

    If we do not want to be dependent on foreign oil and continue to pay insane prices at the pump, we must continue to drill in our own waters. Do we shut down the airlines when crashes occur? No. The oil industry provides many jobs to people in the U.S and we cannot afford to have more people out of work. This is a tragedy of great proportion that has and will affect many people. Shutting down drilling operations is NOT the answer. I live on the Gulf Coast on one of the most beautiful beaches around and will be saddend to see what might happen to our beaches. Think of the long range consequences and dependency on others if we stop drilling.My thoughts and prayers go out to the families and people affected by this disaster.

    May 1, 2010 at 3:26 pm | Report abuse |
  12. billy bob

    It was bound to happen eventually. The fact that they lacked a sufficient contingency plan is unimaginable. One would think that a multi-billion dollar company would have the talent, knowledge, and resources to prevent disasters like this from happening. Clearly, this is corporate irresponsibility at its finest.

    May 1, 2010 at 8:58 pm | Report abuse |
  13. JR Martin

    http://www.youtube.com/watch?v=FFxM-JFrWCE Here is a possible alternative to keeping the oil from reaching shore. The technology will disperse, aggregate and sink the oil within minutes. Something new should be attempted since the usual ways of doing this are not enough to do the job.

    May 2, 2010 at 3:10 am | Report abuse |
  14. Horrified

    God help us all. I can't even imagine the impact this leak will have on ecology in the months and years to come. To add insult to injury, there was some dinner party in Washington tonight that was getting more media coverage than this spill. This is a very sick world in need of healing.

    May 2, 2010 at 4:55 am | Report abuse |

    This is the United States of Corporate America, as long as the recent Supreme court ruling on campaign donations stays in effect, this is the way it will be, Our gullible govt believes whatever lying lobbyist tell them. In this case, BP filed govt documents saying they could handled worse scenario at the site. Follow the Money.

    May 2, 2010 at 9:17 am | Report abuse |
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