BP's Cost for Oil Cleanup So Far: 4 Days' Profits

Image from Think Progress

Don't feel too bad for British Petroleum. Sure, their stock has taken a hit, though surely not as much as you'd think. But for all the millions of dollars BP has spent on the cleanup of the gulf (and the ongoing efforts to stop the leak), they're not doing so bad. Four whole days' profit is all they've had to spend so far.  Even if this goes on for a couple more months (and it likely will), we're still only talking about a bad quarter here. And they'll probably still make some profit.

[Excerpt]

BP makes enough profit in four days to cover the costs of the spill cleanup thus far.

For now, at least, BP’s prodigious costs combating the oil spill in the Gulf are outweighed by prodigious profits.



On Monday, BP said it spent $350 million in the first 20 days of the spill response, about $17.5 million a day. It has paid 295 of the 4,700 claims received, for a total of $3.5 million. By contrast, in the first quarter of the year, the London-based oil giant’s profits averaged $93 million a day. . .

Read more at: Think Progress