BP has now realised the very major issues that can result from offshore drilling, following an explosion at a rig operated by a contractor near the coast of Louisiana.

The Transocean rig, Deepwater Horizon, that last week caught fire and then sank, caused the deaths of 11 workers and is now a growing environmental disaster. The sunken rig is releasing about 42,000 gallons of oil daily into the sea from a smashed pipe and open wellhead. The event is the latest example of the huge risks in exploiting the worlds underwater oil reserves.

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