BP says oil spill costs climb to $3.5 billion

Oil containment booms and other absorbent materials lay in oiled areas of Terrebone Bay near Cocodrie, La. where oil from the Deepwater Horizon oil spill has entered the bay Sunday, July 11, 2010. (AP Photo/Judi Bottoni)

July 12, 2010 5:52:06 AM PDT
BP PLC said Monday that the cost of dealing with the oil spill in the Gulf of Mexico has risen to $3.5 billion, though its shares rallied on reports it may sell some assets.