The oil spill heading toward Louisiana from the Deepwater Horizon rig could exceed $14 billion, according to analysts.
In the two weeks since the explosion BP has said that it was spending $6 million a day on the clean up but admitted this figure is going to rise sharply when the slick hits land.
Eleven workers are still missing, presumed dead, and compensation will have to be made to their families.
President Obama vowed the government would “spare no resource” in a “coordinated, relentless effort” to clean up and stop the massive oil spill.
“I’m not going to rest… or be satisfied until the leak is stopped at the source (and) the oil on the Gulf is contained,” Obama said.
He continued “the most advanced technology is being used to try and stop a leak that is more than 5,000 feet under the surface.” But, he added, “because this leak is unique and unprecedented, it could take many days to stop.
“BP is responsible for this leak. BP will be paying the bill. But… we will spare no resource to clean up whatever damage is caused.”