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Oil spill costs mount for U.S. economy, companies
Wednesday, 05, May 2010


The financial impact from the oil well blowout on April 20 that killed 11 workers and created a massive slick remains difficult to measure precisely, but the estimates of the damage continue to grow."This is going to be protracted and consume years, and the liability will have to measured in the billions of dollars. The only question is it in the tens of billions or hundreds of billions," said David Kotok, chairman of money management firm Cumberland Advisors.

First at risk are the smaller energy companies linked to the spill -- Transocean Ltd, owner of the rig that exploded and sank, and Cameron International Corp, which sold it the well head equipment.BP Plc, one of world's largest oil companies, is unlikely to feel the financial heat because of its massive size, but its promise to pay damages to those hurt by the spill will still squeeze its cash reserves and stock price.
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