BP Says Costs Of Oil Spill Response $1.6B - TheStreet

BP Says Costs Of Oil Spill Response $1.6B

BP said Monday the costs of the response to the oil spill in the Gulf of Mexico so far are $1.6 billion.
Author:
Publish date:

LONDON (

TheStreet

) --

BP

said Monday the costs of the response to the oil spill in the Gulf of Mexico so far are $1.6 billion.

The figure includes new grants of $25 million each to the states of Florida, Alabama and Mississippi and the first $60 million in funds for the Louisiana barrier islands construction project.

On its Web site Monday, BP said the total volume of oil collected by the lower marine riser package containment cap, which was installed on June 3, was about 127,000 barrels.

Meanwhile, President Barack Obama is going back to the Gulf of Mexico for a fourth time to inspect the oil spill.

Before the start Monday of Obama's two-day trip to Mississippi, Alabama and Florida, the White House announced the president will order BP to establish a multibillion-dollar compensation fund for victims of the oil spill, the

Associated Press

reports.

-- Reported by Joseph Woelfel in New York.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.