BP reimburses government for $72.7 million
BP has reimbursed the federal government for $72.7 million in cleanup costs associated with the April 20 oil spill, the full amount requested so far by the Coast Guard and federal and state agencies, according to documents obtained by a Senate subcommittee.
The Coast Guard sent a bill on May 27 for $1.8 million to BP, Transocean, Anadarko and MOEX -- the four owners of the Deepwater Horizon oil rig. The companies received another invoice totaling $69 million on June 2. Wire transfers show BP paid the first bill on June 1 and the second amount on June 11.
The government is using money from the Oil Spill Liability Trust Fund to pay for cleanup costs and the money BP has paid back goes directly back into the fund.
The Senate Homeland Security and Governmental Affairs subcommittee on federal fiscal management will publicly release the documents at a hearing this afternoon with BP executives and federal officials, as lawmakers start mapping out the total costs of the oil spill to the federal government. The hearing comes on the same day President Obama meets with BP executives to discuss the establishment of an escrow account to reimburse oil spill victims.
The May 27 invoice included a Coast Guard bill for $1.1 million in personnel costs and $692,200 in equipment costs, according to the documents.
The June 2 bill includes 61 separate charges from federal agencies, the National Guard and Alabama and Louisiana state agencies. The Environmental Protection Agency billed BP for about $9.6 million in charges, the National Oceanic and Atmospheric Administration asked for $6.8 million and the U.S. Fish and Wildlife Service reported $5.3 million in costs.
BP earned $5.6 billion in profits in the first quarter of this year, making the $72.7 million charge an easy pill to swallow. But these are just the first two of several anticipated bills from a spill that will have a long-lasting impact on the company.
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