Fears that the huge Gulf of Mexico oil spill was spreading through ocean currents flared on Tuesday after tarballs were found on Florida's Key West, while energy giant BP Plc worked to capture more of the leaking crude.
A discovery of tar balls on Florida's Key West fanned fears on Tuesday that a massive Gulf of Mexico oil spill was spreading through ocean currents, as energy giant BP Plc worked to capture more of the crude leaking from its gushing deep-water well.
Energy giant BP said on Tuesday it was now able to siphon off about 40 percent of the oil gushing from a ruptured well in the Gulf of Mexico but has not been able to stop the leak, as President Barack Obama is to create a commission to probe the spill.
British oil major BP said the oil spill in the Gulf of Mexico had cost it $450 million so far, an increase of $100 million on the figure reported earlier this week.
Top oil executives faced a second day of grilling on Wednesday by U.S. lawmakers over a gushing well leak in the Gulf of Mexico as BP scrambled with its latest deep-sea effort to control the huge spill that threatens environmental disaster.
While the oil spill from a sunken drilling rig in the Gulf of Mexico threatens to become an environmental disaster, plans are proceeding for opening up new drilling territories in the iceberg-infested waters off Greenland. The island, an autonomous territory under Danish sovereignty, this week conducted an auction for 14 blocks in Baffin Bay, off the northwest coast of Greenland near Canadian territorial waters. Results will be announced in August.
Oil major BP Plc said the oil spill in the Gulf of Mexico had cost it $350 million so far, suggesting the final bill could be much higher than many analysts predicted and sending its shares to a six-month low.
The huge slick from the Gulf of Mexico oil spill threatened Louisiana shores west of the Mississippi Delta on Monday as BP Plc said it was trying multiple options to control the leak, without being sure that they would work.
BP Plc said on Monday it had incurred $350 million in costs so far from the huge oil spill in the Gulf of Mexico as fears mounted of a prolonged and growing environmental and economic disaster.
BP Plc could be spending as much as $10 million a day on clean-up efforts after a giant oil spill in the Gulf of Mexico, exceeding initial estimates, the Sunday Telegraph quoted Chief Executive Tony Hayward as saying.
Phone lines at the command center where teams are directing clean-up of the Gulf of Mexico oil spill are often jammed, but media-savvy fishermen, residents and others can find the latest updates on Twitter and Facebook.
BP engineers prepared to start lowering a 98-ton metal chamber over a ruptured undersea oil well in the Gulf of Mexico on Thursday as officials confirmed the first oil landfall from the spill on a Louisiana island beach.
The oil spill in the Gulf of Mexico from a collapsed offshore drilling rig could affect White House plans to extend offshore drilling, press secretary Robert Gibbs acknowledged as the oil slick threatened onshore sites from the Louisiana wetlands to the Sarasota beaches and disrupted fishing and energy industries.
Massive oil spill on the other side of the mainland prompted actor governor Arnold Schwarzenegger of US state California to withdrew his support of a plan to expand oil drilling off the state's coast. The governor had earlier proposed expanding oil drilling off the coast of Santa Barbara County to help close the state's $20 billion budget deficit.
Oil giant BP Plc's shares sank further on Monday as the oil spill in the Gulf of Mexico continued to grow and the U.S. Justice Department said it was taking part in an investigation of the disaster.
Oil giant BP Plc's shares in New York sank further in early Monday trade after news that the U.S. Department of Justice was taking part in the investigation of the massive oil spill in the Gulf of Mexico.
Stubbornly high crude oil inventories continued to stymie bulls through the middle of the week, but the market seized on positive economic data to push prices higher toward the end of the week. The oil spill from a collapsed rig off the Gulf coast may also have played a role in firming prices. Analysts said that the spill could have a short-term impact on supply if it interfered with oil deliveries to Gulf coast refineries, and a longer-term impact if it led to new restrictions on offshore drill...
The massive oil spill in the Gulf of Mexico, leaking from a ruptured well moved closer to the mouth of the Mississippi River. Analysts said the oil spill that threatened to eclipse even the Exxon Valdez disaster spread out of control with a faint sheen washing ashore along the Gulf Coast.
Reinsurer PartnerRe Ltd said estimated insured losses from the explosion of the Deepwater Horizon Drilling Platform in the Gulf of Mexico have the potential to exceed $1 billion.
The US National Oceanic and Atmospheric Administration has today declared that the oil spill in the Gulf of Mexico is heavily leaking crude oil roughly 5000 feet below the surface. The agency maintained that the oil is leaking at the rate of 5000 barrels per day and not 1000 bpd as had been estimated earlier. Speaking to media, Rear Admiral Mary E Landry of the Coast Guard informed that the new estimate came from observations made in flights over the slick, studying the trajectory of the spill a...
BP Plc failed to reassure investors with a more than doubling of first-quarter net profits on Tuesday, as the oil major's shares fell on growing fears about the impact of a worsening oil spill in the Gulf of Mexico.
The federal judge handling scores of lawsuits against Toyota Motor Corp over cars that raced out of control has set the first court hearing on the combined litigation for next month.
