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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap BP says US oil disaster cost one billion dollars AFP - Wednesday, June 2 Send IM Story Print BP says US oil disaster cost one billion dollars LONDON (AFP) - – BP revealed Tuesday that the disaster in the Gulf of Mexico had cost it almost a billion dollars, sparking a 13-percent plunge in its shares after the latest attempt to fix the leaking well failed. At its lowest point, the British energy giant's share price dropped nearly 17 percent on the day, but it recovered slightly to close at 430 pence, down 13.1 percent. The sell-off wiped more than 12 billion pounds (14.4 billion euros, 17.6 billion dollars) off its market value -- its biggest one-day shares fall for 18 years. There was more bad news for BP following the failure of the "top kill" operation to plug the undersea well when US President Barack Obama warned that the culprits of the disaster would be held legally accountable. In a statement, BP said: "The cost of the response to date amounts to about 990 million dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid and federal costs. "It is too early to quantify other potential costs and liabilities associated with the incident." The group had announced Saturday that the risky attempt to plug the leak by pumping heavy drilling mud into the well had failed to stop the flow of oil. Tuesday's dizzying share-price drop was the first opportunity that London investors had to react to the news after a British public holiday on Monday. Engineers had spent days pumping heavy drilling fluid into the leaking well head on the ocean floor in a bid to stem the gushing crude and ultimately seal the well with cement. BP said its next approach would be to place a cap on the fractured oil pipe and contain the spill within the next 24 hours. "If everything goes well, within the next 24 hours, we could have this contained," chief operating officer Doug Suttles told reporters in Louisiana. BP's market value has dropped dramatically since the Deepwater Horizon oil rig, operated by the firm and owned by US contractor Transocean, exploded on April 20, killing 11 workers, and sank two days later. At least 20 million gallons of oil are feared to have already flooded into the Gulf since the rig exploded, threatening an environmental disaster. The imminent start of the hurricane season could further complicate efforts to contain the leak. BP faces an even higher bill after Obama made a "solemn pledge" to bring those responsible to justice "on behalf of the victims of this catastrophe and the people of the Gulf region." US Attorney General Eric Holder said the US had launched civil and criminal investigations and would "prosecute to the fullest extent of the law anyone who has violated the law." He warned: "We will not rest until justice is done." In a gloomy assessment, Dougie Youngson, oil analyst at Arbuthnot, warned that the crisis had the potential to "break" BP. "This situation has now gone far beyond concerns of BP's chief executive Tony Hayward being fired, or shareholder dividend payouts being cut -- it's got the real smell of death. This could break BP," said Youngson. "Given the collapse in the share price and the potential for it to fall further, we expect that it could become a takeover target -- particularly if its operating position in the US becomes untenable." Westhouse Securities oil analyst David Hart said BP may find it difficult to operate around the world as a result of the disaster. "BP's stewardship of the environment will now become a major issue for the company as it attempts to operate elsewhere in the world as a preferred partner by governments and national oil companies. "Weather in the Gulf is also becoming an issue as we are now within the hurricane season which is expected to be active this year." 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