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BP oil spill 2010: How much will it cost?

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Nick de la Torre/AP

(Read caption) Technical experts crowd a conference room at British Petroleum offices in Houston on May 2. The energy company has established a crisis center at its west Houston campus where company officials say experts in oil drilling are working around the clock to figure out how to stop oil into leaking the Gulf of Mexico from the Deepwater Horizon incident. Analysts predict the spill will cost BP at least $12.5 billion.

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Oil spills are expensive. Nearly two weeks after a massive explosion in an oil rig killed 11 workers and triggered a massive oil spill in the Gulf of Mexico, the cleanup and other associated costs are rapidly mounting and, by one estimate, will total at least $12.5 billion.

That would be nearly 80 percent higher than the cost of the Exxon Valdez spill in Alaska in 1989.

On Monday, the Gulf rig's owner, British Petroleum (BP), announced that it will pay for the cleanup.

IN PICTURES: Louisiana oil spill

“BP takes responsibility for responding to the Deepwater Horizon oil spill. We will clean it up,” the company said in a statement, adding that it will pay “all necessary and appropriate clean-up costs.”

If the 1989 Exxon Valdez spill is any indication, BP’s bill will be big.

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