BP To Clear Oil Spill, Cost Too Heavy

May 4th, 2010 - 7:30 pm ICT by GD  

By Madhuri Dey
BP Oil SpillMay 4, (THAINDIAN NEWS) BP has declared that it is going to take complete responsibility for the oil spill that has been affecting huge regions of the Gulf Coast. Initially, the oil spill had occurred in the Gulf of Mexico, but soon, it slicked into the Gulf Coast of the United States, polluting the waters and endangering greatly the marine life of the region. At present, the oil spill has reached gargantuan proportions, over 130 miles by 70 miles, and the authorities are afraid that it would be causing widespread damage to the areas which is one of the most well known and biggest fishing grounds of the United States. The oil spill, at present, is affecting marine life, the beaches and the shipping industry.

However, the oil spill has also had a devastating effect on the company responsible for it. Ever since the incident occurred, the shares of the company have been dropping at an alarming rate, spelling doom for the company. Moreover, BP has also claimed responsibility of clearing up the oil spill, the cost of which is also being estimated to run to millions at least.

However, although the company has said that it would be paying for the clearing up of the oil, the observers feel that they might be asking for compensation of expenses from the owner of the well, Transocean. BP said that they are not responsible for the spillage of the oil, as the well that leaked into such disaster belonged to Transocean. They also said that the drilling process and the sealing of the leaking well are going to take at least three months.

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