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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 oil spill costs spike above $3 bln AFP - Tuesday, July 6 Send IM Story Print BP oil spill costs spike above $3 bln LONDON (AFP) - – BP's costs arising from the devastating oil spill in the Gulf of Mexico have rocketed to 3.12 billion dollars (2.49 billion euros), the company revealed on Monday. "The cost of the response to date amounts to approximately 3.12 billion dollars, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs," it said in a statement. The group added: "It is too early to quantify other potential costs and liabilities associated with the incident." The latest estimate of costs, equivalent to 2.06 billion pounds, is far higher than the 2.65 billion dollars that was given one week ago. The company's share price has collapsed by more than 50 percent since the Deepwater Horizon oil rig which the company operated sank on April 22, two days after a blast killed 11 workers. After intense pressure from President Barack Obama over the worst ever US environmental disaster, BP agreed on June 16 to suspend its shareholder dividend and create a 20-billion-dollar fund for costs arising from the spill. BP is also selling non-core assets to raise 10 billion dollars, while international ratings agencies have downgraded the company's credit worthiness. Meanwhile, efforts to clean up the spill gathered steam Monday after Hurricane Alex prompted a five-day shutdown. Clean-up workers arrived back on Grand Isle, Louisiana by the hundreds, spilling off school buses that shuttled them in from around the state. In the wake of Hurricane Alex, beaches, shorelines and marshes lay smeared with thick patches of oil and the sky was still filled with ominous, gray clouds. Skimming resumed in Louisiana but high seas kept vessels tied up in harbor in three other southeastern US states and no controlled burns were being carried out. Operations were suspended last week as Tropical Storm Alex, which later became the first Atlantic hurricane of the 2010 season, entered the Gulf. Recommend Send IM Story Print News Search Top Stories Tour peloton shrugs of cobblestone worry Lower German deficit an example for Europe: Berlin BP oil spill costs spike above $3 bln Swiss show brings heirs to discuss Picasso, Klee Japanese probe yields insights into Moon's inner life More Top Stories » Most Popular Most Viewed Most Recommended Reclusive top mathematician turns down prize, again Japanese probe yields insights into Moon's inner life Lady Gaga leads race to get 10 million on Facebook Paris Hilton arrested after Brazil World Cup match: reports Awesome Nadal crushes Berdych to win Wimbledon More Most Viewed » Reclusive top mathematician turns down prize, again Aussie men shoot each other in buttocks 'to see if it hurts' Amputee cat gets bionic legs Fans gather for Michael Jackson death anniversary Who's right - the dolphin or the octopus? More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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