Cleanup Cost for Gulf Oil Spill Tops $3 Billion

BP's costs for the disastrous Gulf of Mexico oil spill climbed nearly half a billion dollars in the past week, raising the oil giant's tab to $3.12 billion for work on cleaning and capping the gusher and payouts to individuals, businesses, and governments, according to a tally released today by BP. The figure does not include a $20 billion fund for Gulf damages BP created last month.

BP announced today that its costs from America's worst-ever oil spill have topped $3 billion, and that it's accelerating cleanup efforts in the Gulf of Mexico after a lull during Hurricane Alex's storm surge.

The price tag is up from a figure of $2.35 billion that BP announced late last month. With American financial markets closed for the 4th of July holiday, trading was light today on London markets, and BP's shares don't appear to have taken a hit after the company's announcement. In fact, BP's stock was up 2.4 percent in early London trading today.