Associated Press: BP PLC raised the likely cost of the devastating Gulf of Mexico oil spill by $7.7 billion Tuesday, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. In an earnings update, the London-based company said it returned to profit for the first time since the April spill, though net income of $1.79 billion was still well below a year-earlier profit of $5.3 billion because of the extra charge. Replacement cost profit — a key industry benchmark –…