BP’s oil spill costs grow to $2.65B

On June 16, BP and the Obama administration agreed to a package of relief measures, including the creation of a $20 billion escrow fund to pay out claims from the oil spill. It is too early to quantify other potential costs and liabilities associated with the incident, BP said.

Attorney Kenneth 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 are out of work now because of the offshore drilling moratorium.