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BP steps up fight against oil pollution

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Der Tatort: Täglich fließen bis zu 6,4 Mio Liter Öl aus dem Bohrloch in den Gold von Mexiko. Quelle: dpa

The scene flow: Daily up to 6.4 million gallons of oil from the hole in the gold of Mexico. Source: AP

NEW YORK / LONDON. With more tankers and additional technical equipment BP wants to end June – and therefore faster than originally planned – pump large quantities of crude oil flowing out on the seabed. This provides for a plan that BP on Monday presented the White House as a representative of the U.S. government said. In all, then every day can be collected up to eight million gallons of oil – twice as much as before.

Faced with new estimates of the extent of the disaster, the U.S. Coast Guard has asked the group to do more to fight the oil slick. According to new estimates of daily flow of at least 6.4 million gallons of oil from the hole, twice as much as previously thought.

On Wednesday, meet with President Barack Obama and BP’s Board President Carl-Henrik Svanberg, to discuss the demands. Before the first direct clash between Obama and the executive floor of the BP shares of British Energy Group has continued its nosedive. In a friendly environment BP on Monday temporarily lost another ten percent of its market value. Investors fear that the U.S. government does in the course of the Oil Spill in the Gulf of Mexico, more and more demands.

Obama will travel again on Tuesday to the crisis area to Louisiana and will visit at a two-day tour of the neighboring states of Mississippi, Alabama and Florida. The President wants to impose, among other things, that BP not only compensated unemployed fishermen, but also all unemployed oil rig workers compensation in the Gulf of Mexico – including the competition. The group will also suspend its dividend and set up an escrow account to handle the compensation payments.

Among lawyers discussed whether a U.S. government had the right to block a dividend from a private company. For law professor John Coffee of Columbia University, this is the case, U.S. prosecutors could argue that the dividend payment in this case is a "fraudulent transfer" of funds to reduce the compensation budget.

Eight weeks ago, an oil rig exploded, which was operated on behalf of BP. Since then takes one of the biggest environmental disasters in U.S. history take its course. According to new estimates of daily flow of at least 6.4 million gallons of oil from the hole, twice as much as previously thought. The disaster BP threatened in its existence. Since the accident, the company has lost about 40 percent of its market value. Analysts estimate the cost of the injury now on up to 60 billion dollars. So far, BP has spent 1.6 billion U.S. dollars for cleanup and compensation.

Initial studies have shown that margins and negligence caused the disaster. Accordingly, BP has waived the damaged oil platform on some checks and preferred technical solutions that were cheaper, but also risky.

In this hack probably also the manager of BP’s competitors will be cut, which will be speaking today before the U.S. Congress on the oil spill. This incident was preventable, "said Chevron chief executive John Watson, the Wall Street Journal. The oil industry fears tougher security requirements and says there are already standards to prevent such accidents.