BP Should Be Held Responsible

"We are responsible, not for the accident, but we are responsible for the oil and for dealing with it and cleaning the situation up," said BP's chief executive, Tony Hayward.

It has been estimated that the cost of the clean-up and claims for damages have escalated to more than $12bn, of which BP would have to compensate two-thirds, in the costliest cleanup in corporate history and one of the worst environmental disasters of all time.

Hayward said that the equipment that broke down on the rig and created the spill, belonged to a company called Transocean and not BP (Beyond Petroleoum). Guy Cantwell, a Transocean spokesman, said they would sit and wait for all the facts before drawing a conclusion.

BP does not carry outside insurance to deal with this kind of accident, but has said the company will meet all legal claims for damages occurring from its oil spill in the Gulf of Mexico. The company however, has always succeeded in containing the penalties it has to pay, as was seen in the 2005 Texas City refinery explosion and two massive oil leaks in Alaska in 2006 through corroded pipelines.

BP's profits in 2007 were reported at $17.2 billion. BP has been one of the largest suppliers of fuel to the Pentagon in recent years, with much of its oil going to U.S. military operations in the Mideast. It sold $2.2 billion in oil to the Pentagon last year.

Everything engineers have attempted ever since the April 20 oil rig explosion has failed, as 210,000 gallons per day continues to leak out of the broken pipe line, adding to the already leaked 3.5 million gallons. Engineers are struggling to work along three paths:

•Breaking up oil as it emerges from damaged pipes by injecting chemicals into waters near well head. Early tests showed some success, but does nothing to stop the oil flow and there is a real concern over the added environmental impact.
•Lowering 12 metre high, 67 tonne domes to the sea floor, where it is hoped it will contain the gushing oil and allow it to be pumped to the surface into tankers. This has never been tried a mile under the surface and has so far failed, due to icelike crystals forming and not permitting a tight fit over the leaks.
•Drilling two relief wells several miles into the ocean floor, where the oil could be diverted and so release the pressure off the damaged well. This would take up to three months.

Meanwhile desperate efforts are made to try to keep the oil off shore.

About BP Should Be Held Responsible
For more information: http://www.tropicpost.com/bp-will-meet-the-cost/

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