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

Just the hot list include
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 24,657.80 -42.41 -0.17%
Nasdaq 7,781.52 55.93 0.72%
S&P 500 2,767.32 4.73 0.17%
Treasuries 2.93 0.00 0.00%
Data as of 1:50am ET
Company Price Change % Change
General Electric Co 12.88 -0.07 -0.54%
Advanced Micro Devic... 16.52 -0.17 -1.02%
Twenty-First Century... 48.08 3.37 7.54%
Starbucks Corp 52.22 -5.21 -9.07%
Oracle Corp 42.82 -3.45 -7.46%
Data as of Jun 20
Sponsors

Sections

Tesla sued an ex-employee accused of hacking its manufacturing operating system and stealing company data. But that ex-employee is fighting back, saying he's being targeted by Tesla for trying to bring problems at the company to light. More

Tesla sued an ex-employee accused of hacking its manufacturing operating system and stealing company data. But that ex-employee is fighting back, saying he's being targeted by Tesla for trying to bring problems at the company to light. More

Rent prices in Manhattan are slowing down and landlords are offering concessions as inventory on the island grows. More