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Seven weeks after oil from a burst well began gushing into the Gulf of Mexico, British Petroleum says efforts to cap the spill have cost the firm $1.25 billion.
BP said on Monday that the figure does not include the $360 million earmarked for the construction of artificial barrier islands between the leak and the Louisiana coastline.
This image from a video released by BP shows oil spewing from a yellowish, broken pipe 5,000 feet below the surface (AP).
The U.S. government could fine BP up to $4,300 for every barrel of oil gushing into the Gulf of Mexico -- a provision in federal law that some lawmakers are citing in their efforts to keep precise record of the spill's magnitude.
The environmental group Sierra Club estimates that the April 20 explosion at Deepwater Horizon has released more than 1,444,952 barrels into the Gulf as of midday Wednesday. By that estimate, BP would owe more than $6.2 trillion in fines so far if the federal government imposes a $4,300 penalty per barrel.
Shares of BP slid 15%, their worst one-day percentage drop since Oct. 3, 1974. Investors were particularly disappointed because early indications from the company were that the "top kill" operation was succeeding. BP said it is working on deploying a so-called lower marine riser package containment system, but as with other attempts by BP, the system has never been attempted at 5,000 feet under water.
Originally posted by marg6043
Well their yearly revenue from the drilling is about 7 billion dollars, so they still have 6 more billions to lose before claiming a lost.