Cost of the oil spill up to $2.35 billion for BP

BP’s oil spill cost is up to $2.35 billion, the company reported on Friday.

The cost includes efforts to contain the spill, relief well drilling, grants to the Gulf states, claims paid to those hurt by the spill and federal costs.

Nearly 74,000 claims have been filed by individuals and businesses affected along the Gulf Coast. More than 39,000 payments have been made, totaling about $126 million, BP reported. 

BP and the Obama administration have agreed to create a $20 billion account that will be used to ensure those affected are reimbursed. Ken Feinberg is expected to step down later this summer as special master for executive compensation under the federal bailout program to take over control of payments for that program. 

Feinberg also will oversee a separate $100 million account that will provide lost wage payments to oil rig workers who aren’t working now because of the offshore drilling moratorium, Bloomberg confirmed today.  

Feinberg oversaw the distribution of funds to the families of victims of the Sept. 11 attacks and those killed during the 2007 Virginia Tech massacre.