BP oil spill costs hit $100 million/day

BP said it had spent $300 million on its Gulf of Mexico oil spill response effort in the past three days, hitting the $100 millionday spend rate for the first time and bringing its total bill to $2.65 billion so far.

The figures, which BP released in a statement on Monday, include the cost of trying to cap the well, clean up the environmental damage caused by the leaking crude and pay compensation to those affected by the spill.

BP added it remained on track to complete its relief well, which aims to kill the leaking well at the point it meets the reservoir, in the three month timeframe initially envisaged, despite progress slowing on the well in recent days.

Last week, the well was being drilled at the rate of 1,000 feet per day, but the pace dropped to less than 100 feet a day over the weekend, as the delicate task of closing in on the leaking well is conducted.