The BP oil disaster of 2010 has established new financial precedents regarding accidental oil spills, specifically when the ratio of duration to cost is taken into consideration. Relatively enormous sums of money have already been distributed on behalf of the company in response to cleanup costs, stipends paid to displaced workers and businesses, and grants issued to affected state governments. But this pales in comparison to what the total amount will in all probability reach.

The Financial Responsibility of BP Oil

As of 18 June 2010, the gulf oil spill has cost BP an estimated 1.6 billion USD. This figure can be itemized as follows:

  • 25 million USD in grant money given to the states of Alabama, Florida, and Mississippi
  • 60 million USD allocated towards the construction of barrier islands off the coast of Louisiana
  • 1.4 billion USD accrued as of 18 June 2010 in cleanup efforts(tabulated at a rate of 33 million USD per day since the incident)

The above figures do not include costs pertaining to current and future lawsuits or the over 6700 compensation claims filed, although 1000 claims have already been settled.