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.

Texas Receives Full BP (NYSE:BP) Cleanup Check

In what will probably be one of the smallest checks BP (NYSE:BP) writes for a while, at least to companies or institutions, they sent a check to Texas for $175,000 to pay for the amount the Lone Star state billed them for the cleanup of Galveston beach, which was $174,295.

Tar balls proven to be from the Macondo oil spill washed up on the Galveston beach and had to be cleaned up during the Fourth of July weekend.

The tar balls ended up on McFaddin Beach, which when tested in July were confirmed to have come from the oil well leaking into the Gulf of Mexico.

The way the state of Texas works in situations like this, is if it is proven scientifically to be associated with a specific source, they will then bill the entity for the resources used.

If they are unable to identify the source, then payment comes from a tax they impose on oil barrels imported from other countries.

BP (NYSE:BP) Says Pay: Bills Mitsui $480 Million

BP (NYSE:BP) has billed Mitsui $480 million for their share of the oil cleanup costs caused by the oil spill. Mitsui has not paid and it remains unclear if they actually will or not. The company, "will study and determine whether or not it should pay," said chief financial officer Junichi Matsumoto.

BP's soon to be chief executive officer Robert Dudley, has stated that he has full intentions to "vigorously" pursue the partners. The company has incurred charges of $3.2 billion relating to the leak. Mitsui owns a 10 percent stake while Anadarko owns 25 percent.

Anadarko's stance has remained the same from the beginning, we're not paying. Anadarko's chief executive officer Jim Hackett said, "Under the joint operating agreement, no party is required to pay any cost or damages to the operator to the extent that they are incurred as a result of the operators gross negligence or willful misconduct."