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

Index Last Change % Change
Dow 18,490.39 8.91 0.05%
Nasdaq 5,225.73 8.03 0.15%
S&P 500 2,177.66 2.22 0.10%
Treasuries 1.56 0.00 0.00%
Data as of 11:14am ET
Company Price Change % Change
Bank of America Corp... 15.42 0.03 0.16%
HP Inc 14.24 -0.16 -1.11%
Micron Technology In... 16.34 0.83 5.33%
Chesapeake Energy Co... 6.27 0.01 0.16%
Apple Inc 107.18 -0.85 -0.78%
Data as of 10:59am ET
Sponsors

Sections

Mylan CEO Heather Bresch defended her company amid the national outrage over skyrocketing EpiPen costs. Bresch said people should be more upset over a "broken" health care system that encourages price hikes. More

The U.K. is preparing to split from the European Union, which means about $1.3 trillion in trading relationships will have to be reset. More

Tech and telecoms companies are offering their services to help the search and rescue operation following Italy's devastating earthquake. More

Tesla started building its massive Gigafactory in June 2014. Since then, home prices in the nearby market have risen faster than the national average. More