The cleanup costs in the Gulf of Mexico have now grown to over $2 billion since April 20th for BP (NYSE:BP), and there's nothing to indicate the costs are going to level off any time soon for the oil giant.
Included with the figure is the approximate $105 million paid out to about 32,000 businesses and people who have made claims against the company.
All of this doesn't include the recent escrow fund BP agreed to pay into, which will cost them $20 billion over a period of four years, where they'll pay $5 billion a year during that time.
BP is pushing its partners in the oil well, Anadarko Petroleum Corp. (NYSE:APC), which owns a 25 percent state in the well, and Japanese company Mitsui, which owns a 10 percent stake, to share in the costs related to the catastrophe.
The two companies are resisting that at this time, saying BP's actions led to the accident, and so should be held completely accountable.
There is also the problem of BP entering into the $20 billion agreement without consulting either company, something which may be illegal on their part.
It looks like it may have to go to litigation to be resolved.
1 comment:
What about the costs of bringing in the hookers to entertain the beach cleanup workers? The prostitutes are definitely there --at Elmer's Island, for instance -- and are charging $200, but the workers are getting paid for working many overtime hours and are living in converted 18 wheelers. You could say that they are UP for some entertainment:
http://www.ethicsoup.com/2010/06/dirt-on-bp-cleanup-hookers-arrive-for-cleanup-crews-.html
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