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BP Oil Spill Clean-Up to Cost Nearly $5 Billion

Worsening conditions at the oil spill site in the Gulf of Mexico may accelerate the flow of BP oil into rich fishing waters, which is currently leaking at a rate of about 25,000 barrels a day, reports Times Online. The oil slick may contain more than 9 million gallons, almost as much as the 11-million-gallon spill by the Exxon Valdez tanker in Alaska in 1989.

The first seabirds covered in oil have washed ashore in Louisiana, and there are concerns that the oil slick will impact endangered sea turtles, alligators and bottlenose dolphins

BP engineers in Houston, Texas, are working on at least three options to address the problem — triggering the blowout preventer, covering the wellhead with a giant steel cap to contain the leak and enable BP to pump the oil to the surface, and drilling a second well near the site of the leak, according to the article. The latter option will take three months and cost about $100 million.

Louisiana state authorities have closed down oyster beds, shrimping grounds and all commercial and recreational fishing east of the Mississippi river.

The failure of a 40-ft-tall blowout preventer has severely damaged BP’s image and wiped out more than $20 billion of the company’s stock market value, according to Times Online.

BP recently topped Tomorrow’s sustainability Value ranking among oil/gas companies. BP gained kudos for reporting stakeholder concerns and addressing its progress in meeting the concerns.

BP claims it is spending $6 million a day on the salvage effort. The spill could cost BP more than $4.6 billion in containment and clean-up expenses, reports Reuters.

The oil spill could also cost the Louisiana fishing industry about $2.5 billion and the tourism business along the Florida coast about $3 billion, according to investment firm McMahon, reports Times Online.

The Environmental Protection Agency (EPA) has established a Website, as part of the federal government’s response to the BP oil spill, which is providing information about the spill’s impact on the environment and health of nearby residents.

Additional information on the response from the U.S. Coast Guard and other responding agencies can be found at:  www.deepwaterhorizonresponse.com.

EPA also has created air monitoring stations along Plaquemines Parish on the Louisiana coast to determine how the oil spill is impacting air quality. The agency is monitoring levels of several chemicals potentially emitted by oil, including volatile organic compounds such as xylene, benzene and toluene.

The EPA’s fiscal year 2010 budget plans included $18 million for the Oil Spill Response program.

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15 thoughts on “BP Oil Spill Clean-Up to Cost Nearly $5 Billion

  1. this is very sad. we are already in a crisis dealinq with money. we dont really have 5 billion dollars to just use. how will this problem be solved. lord help us 🙁

  2. Have you heard of them having sight of the oil slick and clean up at night or are they blind? They could employ an infrared application that would allow them to see the oil during the dark.

  3. I was also wondering where we would be able to find out how, where, and when volunteers or hired help are going to be used?
    My other question is: how long is it predicted to clean up the mess that the oil spill will/has created?

  4. Why is the US Government letting BP take the lead-role in the cleanup and capping off of the well|? If I were the President, I would employ ALL the leading experts in the offshore oil business, IE: engineers & the like, and put a combination of the smartest minds in the world together to solve the problem of capping off the leaking well. HELLO Mr. Obama!!! -Space Cowboy, Laramie, Wyoming

  5. How much is our environment worth, anyways? OMG 5 billion FFFF thats 5 billion McCheeseburgers- well f*** them tharr animals n’ fish. If’n I can’ts have mah 5 billion McCheeseburgers!

    But seriously, there should be a VERY heavy fine levied on british petrol. Something that *would* financially hurt them. Their average yearly revenue is 20,000 million? (I don’t believe their ‘sharp’ drop of 5 million- I think they’re claiming whats TAXABLE income…). So lets fine them 100,000million. Put them in the hole for 5 years. Use that money to fund long term marine and shore biology programs to figure out how we can help keep the environment stable. Use it to help people whose land has been damaged by the oil, to clean up that oil field.. the damage is already on an immense scale, we can at least get an IMMENSE amount of cash to try and restore it to 100%(Not that its been at 100% since the 50’s..), but ya’ll know what I mean.

  6. Money, Money, Money….. It’s all about the money. Money is not important in this case. what about the environment? Health risks? Corexit? The next few weeks since they close the leak, total radio silence. It’s a shame!

  7. I have to do a paper for this but 5 billion they want 5 billion dollars that no one has so why don’t they not drill for oil drill somewhere else at least

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