The Cost of Oil (Deepwater Horizon accident)


How much is a barrel of oil? 

Brent Crude Oil prices have hovered around the $110 per barrel for the past quarter but from the latest news releases on the Deepwater Horizon Accident BP's cost of cleaning up from the release of crude into the environment is much, much more.  Latest figures published point towards an estimated cost of close to $9,000 per barrel for the full cost of cleaning up and compensating for the accident by BP.  These costs are broken up into Federal fines, private plaintiff claims, clean water act fines, operational response and environmental damage restoration.
An easy way to think of it would be similar to you spilling a litre of fuel which cost you €1.60 and being asked to pay €130 for it's clean up!! Something to think about next time you fill up your car or home heating oil tank.