Goldman Sachs Pegs Gulf Oil Cleanup At $24 Billion

Worried about the economic impact of the Gulf Oil Disaster? Don’t be! There’s still money to be made! “Clean Harbors (CLH) is highly involved in the GoM cleanup effort; we estimate CLH will generate $1.0 bn of revenue from the cleanup effort over the next three years,” writes a Goldman Sachs analyst. The math in their report, issued yesterday, is based largely on Exxon Valdez: “Exxon spent approximately $8,100 per barrel of oil spilled in cleanup efforts. Adjusting for inflation (we have assumed 3% per year), we estimate the cost of the cleanup to be $15,000 per barrel in 2010.” And what of BP? “GS European analyst Michele della Vigna, who covers BP, estimated the pre-tax liability assumed by the market for BP to be $36 billion.”