Monday, June 28, 2010

BP (NYSE:BP) Oil Cleanup Costs Reach $100 Million Daily

The daily cost of cleaning up the oil spill for BP (NYSE:BP) continues to rise, as it has now reached a level of $100 million on a daily basis for the last three days.

So far the oil giant has spent $2.65 billion on cleanup since April 20.

Costs have risen from about $6 million a day right after the spill in the latter part of April, to the $100 million a day mentioned.

If this rate continues, BP could easily spend over double what they already have in less than a month, and if it continue to grow in daily costs, it'll reach much higher.

4 comments:

Anonymous said...

Who is Ray?

Anonymous said...

What a crazy idea... 100 Mill is a drop in the bucket for BP

Alvin Lim said...

It seems that he is long on BP short-term puts, or perhaps even short on BP shares.

jademonki said...

the stock will still rally... too many short sellers need to get out which will create a squeeze. I'll go long that day and hold it for 5 days. thanks BP.

I'll donate the money to my personal oil research program which consists of me drinking beer and discussing this issue with another drunk at the bar.