The costs to the foreign oil giant BP for poisoning the Gulf of Mexico will lower the company’s taxes by billions of dollars, and BP “may be able to get a refund for taxes paid in previous years.” If BP’s cleanup costs reach $60 billion, as Merrill Lynch & Co. estimates, the company will be able to deduct almost $20 billion over time. In addition to billions in subsidies, the company has received $10 billion in federal contracts from the American taxpayer in the last ten years. BP spokesman Steve Rinehart told Bloomberg News that BP will deduct the $3.5 billion already spent on cleanup efforts and any future expenses:
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