By Vicki Needham - 06/14/10 03:45 PM EDT
BP's expenses for the Gulf of Mexico oil spill are running at about $1.6 billion, the company said Monday.
More than 51,000 claims have been filed and more than $62 million has been paid to coastal businesses and individuals affected by the massive spill.
"It's too early to quantify other potential costs and liabilities associated with the incident," the company said in a release.
The costs include three $25 million grants to Florida, Alabama and Mississippi and the first payment of $60 million to Louisiana to help build barrier islands designed to shield the state's coast from the oil flow.
Lawmakers and President Barack Obama, who arrived in Mississippi on Monday morning, are requesting BP set aside a $20 billion escrow account to ensure all costs of the spill are covered.