Jun 7, 2010 9:13 AM by Bea Karnes, News First 5

BP: Gulf oil spill costs have reached $1.25B

BP says the cost of the company's response to the oil spill in the Gulf of Mexico has reached about $1.25 billion. The figure company announced the total in a news release Monday.

BP says the figure does not include $360 million for a project to build six sand berms meant to protect Louisiana's wetlands from spreading oil. BP says a containment cap is capturing more and more of the gushing oil. The inverted funnel-like cap is being closely watched for whether it can make a serious dent in the flow of new oil.

Chief executive Tony Hayward tells the BBC he believes the cap is likely to capture "the majority, probably the vast majority" of the oil gushing from the well. The government's point man on the spill warns that the battle to contain the oil is likely to stretch into the fall.

Millions of gallons of oil have spilled since the Deepwater Horizon rig exploded 50 miles off the coast of Louisiana on April 20, killing 11 workers.


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