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BP’s oil spill costs hit $100m/day

BBC Online, Reuters, London
BP said it had spent $300 million on its Gulf of Mexico oil spill response effort in the past three days, hitting the $100 mil-lion/day spend rate for the first time and bringing its total bill to $2.65 billion so far.
BP has said the cost of cleaning up its oil leak in the Gulf of Mexico has now reached $2.65bn (£ 1,76bn).
The oil giant said this included the cost of the spill response, containment, reliefwell drilling, grants toGulfstates andclaimspaid.
BP added it was too early to quantify other potential costs and liabilities arising from the incident.
The company said more than 39,000 people were now engaged in the response effort.
More than 80,000 claims had been submitted, BP said, and it had made 41,000 payments totalling more than $ 128m.
POLITICALATTACKS
On Sunday, US President Barack Obama and UK Prime Minister David Cameron discussed BP's problems at the G20 summit in Canada.
A Downing Street statement issued after the meeting between Obama and Cameron, said: "The leaders agreed that BP should meet its obligations to cap the leak, clean up the damage and meet legitimate compensations.
"They also agreed that it was to both countries' advantage for BP to remain a strong and stable company."
There was no immediate official response from Washington, though a senior US official emphasised to reporters at the summit that BP's obligations" have got to be met".
COMPENSATION
BP's shares made a rare move higher on Monday, climbing 3.66%to315p.
On Friday they hit a 14-year low of 298p amid speculation that the company may have to seek extra funds to pay for its oil spill costs.
BP's share price has more than halved since the oil disaster began in April, wiping about $90bn off the value of the company.
The company made an annual profit of nearly $14bn last year, but there is great uncertainty over the impact that legal action and compensation claims could have.
BP has already said it will not be paying any dividends to its shareholders this year, after agreeing to finance a $20bn (£13.5bn) clean-up and compensation fund for the oil spill.