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BP Says Gulf Oil Spill Costs Reach $2 Billion

BP said Monday it has now spent $2 billion responding to the massive oil spill in the Gulf of Mexico.

And with no end yet in sight, that number is expected to keep rising.

BP PLC agreed last week to set up a $20 billion fund to compensate victims of the disaster on the Gulf coast. The company said Monday it has so far paid out $105 million to 32,000 claimants. Its shares were down 4 percent Monday in early trading in London at $5.12.

The news came as teams drilling the relief wells designed to stop the oil gushing into the Gulf continue a daunting task -- hit a target roughly the size of a salad plate about three miles below the water's surface.

If the workers aboard Transocean Ltd.'s Development Driller II or its sister rig DDIII miss or move too slowly, oil will keep pouring into the sea.

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