Deepwater Horizon oil spill (DOJ) filed papers in federal court in New Orleans blaming BP for the Gulf oil spill, describing the spill as an example of "gross negligence and willful misconduct." In their statement the DOJ said that some of BP's arguments were "plainly misleading" and that the court should ignore BP's argument that the Gulf region is "undergoing a robust recovery". BP rejected the charges saying "BP believes it was not grossly negligent and looks forward to presenting evidence on this issue at trial in January." The DOJ also said Transocean, the owner and operator of the Deepwater Horizon rig, was guilty
Economic effects of the Deepwater Horizon oil spill the total liability could amount to as much as by the conclusion of the disaster. Financial analysts commented that BP was capable of addressing the potential liabilities that might result, and BP stock rose slightly on the news that the initial compensation fund had been agreed. On 5 July 2010, BP reported that its own expenditures on the oil spill had reached $3.12 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs. As of 1 October 2010, BP has spent $11.2 billion. As of March 2012, BP