Bank of America Merrill Lynch analysts have issued a new, thorough report on BP and the cost of the Deepwater Horizon explosion, which they say will at minimum cost the oil company $28 billion.

“Our attempts to find reasonable basis are clearly substantially below that level,” the report says.

The analysts assume clean up and remediation costs based on industry data and BP’s run-rate costs to date could reasonably be $6 billion.

Compensatory damages of $11 billion were adjusted for the potential impact on the regional economies of four states.

Punitive damages in line with the Supreme Court Judgment on Exxon Valdez add another $11 billion.

Civil damages applied under the Clean Water Act could be $1.1 billion.

“In light of events to date, and pulling together a framework we believe has reasonable basis, this becomes our base case and one we believe is conservative,” the report concludes.

The Obama administration and Congress are now pressed the global oil giant to set aside a separate escrow account of $20 billion and to slash quarterly dividends to fund it.

A Pew Research Center News Interest Index survey released this week says the BP oil spill was the top news story.

Fifty-seven percent of respondents, up from 21 percent immediately after the rig exploded, said they were following the Gulf news "very closely," Forbes magazine reports.