BP Oil Spill
BP OIL SPILL IN 2010
April 20th was a tragic day for BP and the crew of the Transocean’s Deepwater Horizon. “Floating fifty-two miles off the coast of Louisiana in 5,000 feet of water was an oil rig drilling in the Gulf of Mexico.” (Hoffman, 2010) What unfolded next will go down in history as the worst accidental oil spill in the world. “The oil well a mile below the surface of the Gulf blew up from high-pressure methane gas expanding into the drill. As a result of the explosion, it ended up taking 11 people’s lives. BP made several attempts to plug the well but was unsuccessful. The estimated oil flow rate was as high as 2.5 million gallons a day until the well was capped on July 15, 2010. Oil gushed from the broken well for more than 85 days, oiled 572 miles of the Gulf shoreline, and killed vast numbers of birds and marine life.” (Hoffman, 2010)
Numerous investigations explored the causes of the explosion and record-setting spill. “In September of year 2011 the U.S. government’s report, pointed out defective cement on the well, faulting mostly BP, but also rig operator Transocean and contractor Halliburton. Earlier in 2011, a White House commission blamed BP and its partners for a series of cost-cutting decisions and an insufficient safety system.” (Hoffman, 2010)
“It is nearly impossible to measure the level of negative externalities involved in this crisis. The after effects of the 2010 oil spill has had a significant toll within and throughout the surrounding area of the Gulf of Mexico; ranging from various environmental disasters to local businesses and home owners. The people of the region are potentially at risk of illnesses, and have lost a lot income as a result of the oil spill. Even with the direction of the Federal Government it is no wonder why businesses have invested billions of dollars to help clean up The Gulf of Mexico. As of late December BP has spent more than $14 billion on response activities.” (The BP
April 20th was a tragic day for BP and the crew of the Transocean’s Deepwater Horizon. “Floating fifty-two miles off the coast of Louisiana in 5,000 feet of water was an oil rig drilling in the Gulf of Mexico.” (Hoffman, 2010) What unfolded next will go down in history as the worst accidental oil spill in the world. “The oil well a mile below the surface of the Gulf blew up from high-pressure methane gas expanding into the drill. As a result of the explosion, it ended up taking 11 people’s lives. BP made several attempts to plug the well but was unsuccessful. The estimated oil flow rate was as high as 2.5 million gallons a day until the well was capped on July 15, 2010. Oil gushed from the broken well for more than 85 days, oiled 572 miles of the Gulf shoreline, and killed vast numbers of birds and marine life.” (Hoffman, 2010)
Numerous investigations explored the causes of the explosion and record-setting spill. “In September of year 2011 the U.S. government’s report, pointed out defective cement on the well, faulting mostly BP, but also rig operator Transocean and contractor Halliburton. Earlier in 2011, a White House commission blamed BP and its partners for a series of cost-cutting decisions and an insufficient safety system.” (Hoffman, 2010)
“It is nearly impossible to measure the level of negative externalities involved in this crisis. The after effects of the 2010 oil spill has had a significant toll within and throughout the surrounding area of the Gulf of Mexico; ranging from various environmental disasters to local businesses and home owners. The people of the region are potentially at risk of illnesses, and have lost a lot income as a result of the oil spill. Even with the direction of the Federal Government it is no wonder why businesses have invested billions of dollars to help clean up The Gulf of Mexico. As of late December BP has spent more than $14 billion on response activities.” (The BP