Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

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

Search for Jobs

Index Last Change % Change
Dow 18,223.03 77.32 0.43%
Nasdaq 5,309.83 52.43 1.00%
S&P 500 2,151.33 10.17 0.47%
Treasuries 1.76 0.02 1.32%
Data as of 1:58am ET
Company Price Change % Change
AT&T Inc 36.86 -0.63 -1.68%
Bank of America Corp... 16.77 0.10 0.60%
Chesapeake Energy Co... 6.36 -0.32 -4.79%
Microsoft Corp 61.00 1.34 2.25%
Time Warner Inc 86.74 -2.74 -3.06%
Data as of Oct 24


One of the clear messages from Consumer Reports dependability survey was that cars that have recently been totally redesigned tend be less dependable. More

Stocks are widely expected to drop close to 10% if Trump wins the presidency. But even if Clinton wins, stocks could still sell-off the day after the election. More

Microsoft is raising prices in the U.K. by whopping 22%, in response to the collapsing value of the pound. More

The University of Illinois partnered with Coursera to launch one of the most affordable online MBA programs yet. More