BP (NYSE:BP) Gulf Costs Skyrocket to $8 Billion

The costs associated with the BP (NYSE:BP) oil spill have soared to $8 billion in a few short months, and that doesn't include the $20 billion set aside for the escrow fund now being administered by Kenneth Feinberg.

At this pace they'll pay out far more from these costs than the escrow fund, although it has to be taken into consideration they won't be paying out claims any longer because they've transferred to the fund completely.

BP said in a press release, "The cost of the response to date amounts to approximately $8 billion, including the cost of the spill response, containment, relief well drilling, static kill and cementing, grants to the Gulf states, claims paid and federal costs."

Questions are being raised by BP as to whether or not they can continue paying out if they are banned from further drilling in the Gulf of Mexico, which would be the case of legislation is passed which would prohibit them from doing so.