Now Reading:

BP announces new oil spill costs


BP announces new oil spill costs


BP says the cost of its response to the Gulf of Mexico spill has now reached 2 billion dollars, or 1.6 billion euros.

The oil giant says it has already paid out 85 million euros to those affected by the disaster and it has agreed to set up a 16 billion euro fund for victims.

While BP’s shares may still be sliding on Wall Street, UK investors appear more confident about the company’s future.

Money flow data shows that since the fatal Deepwater Horizon rig blast in April, more UK money has gone on “buy” trades than “sell” ones.

It is an emotive issue both sides of the Atlantic.

While US fund managers are shying away from a company behind the worst environmental catastrophe on American shores, British investors feel BP has been unfairly singled out and are betting on the share price picking up.

Next Article