BP to donate skimmed oil revenue

By Blake Ellis, staff reporter


NEW YORK (CNNMoney.com) -- BP said Tuesday it is selling the oil collected from its spill in the Gulf of Mexico and plans to put the money toward restoring wildlife in Gulf states.

It's not clear how much money BP stands to donate by selling the oil. BP has collected about 64,650 barrels of crude from the spill as of Tuesday morning and oil is selling at around $70 a barrel. That totals about $4.5 million, but only part of that money is controlled by BP because it only owns part of the lease on the well.

BP (BP) said it plans to use the money to create a fund aimed at protecting and rehabilitating wildlife along the coastline of Louisiana, Mississippi, Alabama and Florida.

"We've already launched the largest environmental response in history, and BP is committed to protecting the ecosystems and wildlife on the Gulf Coast," Tony Hayward, BP's chief executive officer, said in a prepared statement.

The energy giant has been capturing about 11,000 barrels of oil per day with a containment cap placed over the leak -- its latest effort to stop the oil spewing from its well.  To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 16,804.71 -238.19 -1.40%
Nasdaq 4,422.09 -71.30 -1.59%
S&P 500 1,946.16 -26.13 -1.32%
Treasuries 2.40 -0.10 -4.19%
Data as of 6:22pm ET
Company Price Change % Change
Bank of America Corp... 16.82 -0.23 -1.35%
Ford Motor Co 14.59 -0.18 -1.22%
Facebook Inc 76.55 -2.49 -3.15%
Apple Inc 99.18 -1.57 -1.56%
Cisco Systems Inc 25.03 -0.08 -0.34%
Data as of 4:03pm ET

Sections

In the last five years, pumpkin sales have risen 34% as people demand pumpkin in everything from beer to beef jerky. More

New York City launches a comprehensive site for all things related to its digital tech scene, Digital.NYC. More

New York City launches a comprehensive site for all things related to its digital tech scene, Digital.NYC. More

For these seniors, the best retirement is not to retire. From a 102-year-old Wal-Mart worker to an activist park ranger, these workers have stayed on the job well into their golden years. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.