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.
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