What’s an oil spill?

Oil spills happen when people make mistakes or are careless and cause an oil tanker to leak oil into the ocean. There are a few more ways an oil spill can occur. Equipment breaking down may cause an oil spill. If the equipment breaks down, the tanker may get stuck on shallow land. When they start to drive the tanker again, they can put a hole in the tanker causing it to leak oil.

When countries are at war, one country may decide to dump gallons of oil into the other country’s oceans.

Terrorists may cause an oil spill because they will dump oil into a country’s ocean. Many terrorists will do this because they are trying to get the country’s attention, or they are trying to make a point to a country.

Illegal dumpers are people that will dump crude oil into the oceans because they do not want to spend money on decomposing their waste oil. Because they won’t spend money on breaking up the oil (decomposing it) they will dump oil into the oceans, which is illegal.

Natural disasters (like hurricanes) may cause an oil spill, too. If a hurricane was a couple of miles away, the winds from the hurricane could cause the oil tanker to flip over, pouring oil out.

Oil spill in Gulf of Mexico: $8 billion hit

The oil spill in the Gulf of Mexico is causing BP stock to plummet as the disaster shows the potential to dwarf the infamous 1989 Exxon Valdez oil spill in Alaska’s Prince William Sound.

The Wall Street Journal reports that BP’s stock price has lost 14 percent since the oil rig it leased exploded and sank — about $20 billion in market value. The New York Times reports that BP is also destined to take a hit on future earnings if it has to hold off on future exploration and drilling while it deals with the spill, which may cost BP at least $8 million.

Oil spill 2010 in Gulf of Mexico: Cost for BP up to $8 billion

The 2010 oil spill in the Gulf of Mexico is worsening, and what BP will have to pay for the response is rising with no immediate end in sight. Meanwhile, the price of crude futures is rising about as fast as BP’s stock is falling. Oil futures were posting gains for the fourth straight session as traders pin their hopes on the possibility that the oil slick will muck up current levels of supply. BP stock has lost $20 billion in market value, but the company won’t need to borrow money to finance the oil spill cleanup

The cost of the oil spill in the Gulf of Mexico 2010 is rising for BP, along with oil futures, while BP's reputation slides and sealife suffers. Flickr photo.

Gulf oil spill: BP accepts responsibility for oil cleanup

BP, the oil company at the heart of what was likely the nation’s worst oil disaster, said on Monday it would pay for the cleanup costs connected to the massive oil leak in the Gulf of Mexico.

In a round of appearances on morning television and radio news shows, BP Chief Executive Tony Hayward accepted responsibility for the cleanup and said the company would pay compensation for legitimate claims for property damage, personal injury and business losses.

“We are responsible, not for the accident, but we are responsible for the oil and for dealing with it and cleaning the situation up,” Hayward said.

The original accident took place April 20 on a deep-water rig operating about 130 miles southeast of New Orleans. The rig sank two days later, and 11 were believed dead.

Oil began leaking from the wellhead, pouring at least 5,000 barrels of oil into the gulf waters, though some estimates have place the flow from three leaks at much more. The leading edge of the oil has reached Louisiana wetlands and is expected to make landfall in the next days.

Throughout the weekend, federal officials led by President Obama have stressed that BP will be responsible for the cleanup and for capping the leaking well.

On Monday, Hayward acknowledged that his company would be responsible for the cleanup, expected to cost billions of dollars. But he was careful to contend that the original accident was the fault of offshore drilling contractor Transocean Ltd., which operated the rig that sank.

“We will await all the facts before drawing conclusions, and we will not speculate,” a spokesman for Transocean said.

The original accident and the oil leaks also are being investigated by the federal government.
Hayward explained in his appearances that the company was working below the surface to cap the leaks from the well, some 5,000 feet underwater. BP is also working on the surface to control the leak with chemicals to disperse the oil and has an active effort underway to place booms to contain the spread of the spill.

OIL SPILL DAMAGE

Guimaras ISLAND-Two years after a massive oil spill hit this island-province, officials and experts said the island is the exploitation and address of the impact of disasters.

But rehabilitation efforts have not prevented the release of around P150 million for development programs."Our operations are back to normal" Guimaras Gov.

Felipe Nava told the Philippine Daily Inquirer (parent company of INQUIRER.net).

He said that residents in all regions of the spill are back to fishing

DENR units near sea mishap site told to prepare vs possible oil spill

Manila, Philippines - Department of Environment and Natural Resources (DENR) staff were invited on Thursday to monitor a possible oil spill killed MV ferry Princess of the Stars off Romblon.When the notice is published on the website of DENR DENR Sec. Jose Atienza Jr directed DENR personnel, in particular, "near Romblon" prepare to face such a situation."You have to be vigilant and ready to spring into action the first sign of an oil spill. We can not afford Further damage to the environment at an age when the world is a race against time to improve various environmental damage, which is global warming, "Atienza says.

Exxon Valdez $2.5B oil spill ruling overturned

WASHINGTON (Reuters) - The U.S. Supreme Court on Wednesday threw out a record 2.5 billion dollars in punitive damages that Exxon Mobil Corp had been ordered to pay 1989 Exxon Valdez oil spill off Alaska, the worst of nation tanker oil spill.By 5-3 vote, the High Court held that the punitive award should be reduced to an amount equal to the whole question of compensation is $ 507,500,000.Court judges overturned a U.S. court of Appeals, which had obtained a record punitive damages to nearly 32,000 commercial fishermen, Alaska population, property owners and other harmful losses.When the majority opinion, Justice David Souter concluded 2500000000 dollars in punitive damages was excessive in federal maritime law, and should reduce the amount of actual damage.oil prices pushed Exxon Mobil previously expected profitability in recent years, the company posted earnings $ 40600000000 in 2007.Exxon Mobil took only two days for a total of € 2500000000 revenues in the first quarter of 2007.