BP suffers economically and politically as investigative panel is established

The Sydney News.Net
Saturday 22nd May, 2010

President Obama has given an executive order for the creation of a bipartisan panel to examine the oil leak in the Gulf of Mexico.
US President Barak Obama has ordered a bipartisan commission to be established to probe BP’s reaction to the oil spill as well as the causes of the disaster and come up with recommendations on how to prevent oil spills occurring in the future.

Before the Deepwater Horizon disaster and ensuing spill, President Obama had been in support of expanding oil drilling in the Gulf of Mexico to reduce the country’s dependence on foreign oil.

The oil spill has created widespread anger and opposition to drilling in the Gulf of Mexico nationwide, however, and the executive order for the creation of an investigative panel may be a move to offset some of that anger washing up at the doors of the White House.

The panel will be called the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling and will have six months to come back to the president with a conclusion.

BP has been battling to plug a leak 5000 feet beneath the waves, which is pouring thousands of gallons of oil into the ocean every day.

The energy giant has tried a number of means to cap the leak, but none have been met with resounding success. At some point in the next week they are planning to pump a viscous fluid into the well head in an attempt to stop the leak.

Meanwhile, experts are divided on how much oil may actually be leaking from the wellhead; BP has placed the rate at 5000 barrels a day, while some experts claim it is many times higher.

The economic fallout for BP has been severe with the US government vowing that the energy giants will ultimately be accountable for all government expenses associated with the clean up and containment efforts, while BP’s share price Friday dropped 6% on top of heavy losses throughout the month.

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Comments on this story

some own from the Netherlands
05-22-10, 05:37 AM

Obama puts more pressure on BP as oil disaster enters second month


05-22-10, 11:13 AM

Republican US Congress & Senate: Obama's hands are so glutinous to handle the oil disaster.

Republican US Congress & Senate: Obama’s hands are so glutinous to handle the oil disaster. Obama’s energy resources regulation is out-of-control but wasting our American crude oil, instead of fulfilling American Energy Independence.

* (R) 2010 CARLETON S. FIORINA (Carly) for 2010 US Senator of California.

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