BP pegs cost of oil spill at $760 million

The tab for the Gulf oil spill is quickly approaching $1 billion as thousands of people and vessels attempt to contain and clean up the area. 

The cost is about $760 million so far for containment, relief well drilling, clean-up, grants to coastal states, claims paid and federal costs, according to estimates by BP released Monday. 

BP is drilling two relief wells — one started May 2 and another May 16 — each of which is expected to take three months to complete. More than 1,100 ships and 22,000 people have responded to the incident so far, according to BP's release. 

That amount is nearly double the $450 million cost reported by the company May 13. BP is still trying to stop the flow of oil into the Gulf of Mexico. 

"It is too early to quantify other potential costs and liabilities associated with the incident," according to a BP release. 

Senate Majority Leader Harry Reid (D-Nev.) last week pegged the growing cost at $14 billion and said he's against putting a cap on damages for oil spill liability. Some lawmakers are pushing to raise the cap from $75 million to $10 billion, while a mix of others either want to increase it well above that amount or hold it below to protect smaller operations.