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News Latest News Update on Oil Leak in Gulf of Mexico
News Latest News Update on Oil Leak in Gulf of Mexico
| Update on Oil Leak in Gulf of Mexico |
| Tuesday, 08 June 2010 07:59 |
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Following the initial failed attempt to place a giant 'bell' over the leak in order to funnel expelled oil aboard waiting oil tankers, and the subsequent failed effort of dumping 'heavy mud' directly onto the leak - BP are now preparing to remove the damaged pipeline and place a containment dome directly over the wellhead - the results of this are looking favourable, but BP "cannot guarantee success" as such a method hasn't been used at depths of 5,000 feet underwater before. Estimated to have already wiped billions of US dollars off BP share prices, BP have spent almost $1bn trying to repair the problem and face massive fines which, under US Federal Law could range from $75 million to $10 billion. So far market fluctuations have retained their recent trend of small spikes and troughs - the financial affect on BP, one of the world's largest oil companies, should not result in drastic increases in oil prices - being a commodity, oil is sold directly to market for whatever the market is willing to pay - no one company will have much influence on prices; unless they massively reduce output, which in this instance is highly unlikely. Being experts in Energy Procurement we will of course be keeping track of events and possible impacts on prices and recommend best steps for our clients as part of our Utility Bureau Services. Add this page to your favorite Social Bookmarking websites         |