BP Says Oil Spill Costs Reach $2 Billion

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BP (BP) said Monday morning its cost for the Deepwater Horizon disaster have reached $2 billion. The U.K.-based company explained that this includes "the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs."

The revised figure indicates that BP's costs are rising by $33 million a day. This does not include the $20 billion escrow account set up at the request of the U.S. government.

The firm also said it was making progress with two relief wells. "Work on the first relief well, which started May 2, continues and has currently reached a measured depth of 15,936 feet. The second relief well, which started May 16, is at a measured depth of 10,000 feet. Both wells are still estimated to take approximately three months to complete from commencement of drilling. "

While the company continues to try capturing the oil, over the weekend BP documents were released showing that the worst-case scenario could result in an estimated 4.2 million gallons spewing into the ocean per day.

BP said Monday that 23,290 barrels of oil was collected or burned Sunday.
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