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

Search for Jobs

Index Last Change % Change
Dow 18,135.72 38.82 0.21%
Nasdaq 4,982.81 15.67 0.32%
S&P 500 2,101.04 2.51 0.12%
Treasuries 2.11 -0.01 -0.52%
Data as of 8:10am ET
Company Price Change % Change
Bank of America Corp... 16.00 0.16 1.01%
Apple Inc 126.41 -2.13 -1.66%
AbbVie Inc 56.86 -3.41 -5.66%
Avon Products Inc 9.05 -0.05 -0.55%
General Electric Co 25.82 0.16 0.62%
Data as of Mar 5
Sponsors

Sections

The company Allstar allegedly lured customers in with misleading TV commercials and then overcharged them. More

Wage growth has become the central focus of the economy's health. It will impact workers and investors. More

Frank & Oak, Airbnb, and Net-a-Porter are just a couple of companies investing in the antiquated medium. More

There's no end to the creative ways scammers will try to steal your identity and your money. And tax time is one of their favorite times of the year. Here's how to spot a top scam and protect yourself. More