Oil major BP will be footing the cost of cleaning up the massive oil spill that will reach U.S. shores, President Barack Obama said on Monday during a visit to the Gulf Coast. BP may spend as much as $2 billion to $3 billion to clean up the oil on U.S. shores, and "potentially more the longer it takes to arrest the flow of oil into the Gulf," a Fitch energy analyst said. The U.S. government has approved BP's request to use chemical dispersants to prevent further damage from the spill.

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