Developments In The Gulf Of Mexico Oil Spill
Here are some developments in BP Gulf of Mexico oil spill, the largest offshore oil disaster in U.S. history.
Top Developments
• BP advanced on the final lap toward permanently killing the source of the world's worst offshore oil spill and made an initial $3 billion deposit into the $20 billion compensation fund on Monday.
Market Impact/Companies
• BP said the cost of dealing with its ruptured oil well in the Gulf of Mexico has risen to $6.1 billion, including $319 million in compensation payments to businesses and individuals affected by the spill.
• The name BP gave its Mississippi Canyon 252 prospect in the Gulf of Mexico - Macondo - could have foreshadowed disaster long before a blowout and deadly explosion caused enormous environmental, economic and political consequences.
• BP shares closed up 1.74% in London, while shares in New York closed down 1.14% on Monday.
Politics/Policy
• U.S. President Barack Obama's administration sees the restoration of the Gulf Coast after the BP oil spill as a national priority and the president should not be blamed for the disaster, Secretary of the Navy Ray Mabus said on Saturday.
Environment
• The U.S. government vowed on Sunday that operations to completely clean up BP's Gulf of Mexico oil spill and compensate those affected would continue despite the success in halting the leak.
• The Gulf of Mexico oil spill has spurred a race within the scientific community to develop faster ways of identifying U.S. seafood tainted by petroleum.
