BP pegs cost of oil spill at $760 million

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.