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Energy

BP Clean Up Costs Rocket Above $2.35 Billion

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By Douglas A. McIntyre Published
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BP plc’s (NYSE: BP) clean-up costs for the Gulf  leak have hit more than $2.35 billion. That only includes expenses to contain the spill and modest payment to area residents and business. The UK-based firm still faces payments of $20 billion into an escrow account to cover future costs and litigation which would face the firm with billions more in liability expenses.

According to the Guardian, 37,000 people are trying to contain the spill.BP continues it fight against time. The well is leaking as much as 100,000 barrels of crude a day. The containment device BP has on the well-top collects about 35,000 barrels. The size of the slick is growing and has reached Florida. Some scientists believe it could move into the Atlantic next month and hurt fishing and tourism on the Eastern seaboard.

In the meantime, a tropical storm in the southern Gulf is more likely by the day to turn into a cyclone.  It is just south of Cuba.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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