2010 BP Oil Spill Cost Estimated at Over $60 Billion

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It’s been six years since BP’s devastating oil spill in the Gulf of Mexico, and the final estimated costs are in at $61.6 billion.

It all started on April 20, 2010 when an explosion took place on the Deepwater Horizon oilrig leased by BP, killing 11 workers. The oil leaked into the Gulf’s waters and onto the shoreline of several states for 3 months. The cleanup and residual side effects were, and still are, massive.

BP estimated the bill to be roughly $53.8 billion in October of last year. But the new number of $61.6 billion was concluded after a final major claim of $5.2 billion was added to the bill. Officials say this charge nearly closes the damaging gap of the Deepwater Horizon incident.

Last year, BP paid the United States government $18.7 billion in what Reuters calls the “the largest corporate settlement in U.S. history.”

Reuters quotes Chief Financial Officer Brian Gilvary as saying, “Over the past few months we’ve made significant progress resolving outstanding Deepwater Horizon claims and today we can estimate all the material liabilities remaining from the incident.”

Off-shore drilling regulations have changed since the incident which will hopefully prevent any sort of mind-boggling disaster on this scale ever taking place again.