Effects Of BP Oil Spill Still Lingers After Almost A Year http://bit.ly/rBBmuw

Article by Harvey Russell

Almost a year after the worst oil spill to happen in Gulf of Mexico, the impact of the catastrophe can still be felt far and wide. Experts estimated that up to 4.9 million barrels of oil had been spilled last year when an explosion triggered one of the largest oil spills in the world on 20 April 2010 which killed 11 workers. Over 48,000 workers, environmentalists, and experts were involved in the cleaning up process, rebuilding coastal economies, and fighting to save wildlife following the tragedy. Dozens of countries also offered support to the US. The leak still continues to this day, even after a declared successful capping by British Petroleum (BP), the owner of the Deepwater Horizon rig. BP is currently struggling, declaring its first loss for the year in 20 years. The oil-giant's dividend, assets, and share price all plunged down to record lows following the disaster. So far, the company's effort to mount a massive clean-up in the affected area has been seen as significant. The spill has cost the company $ 40.9 billion so far. This amount is expected to rise as more and more litigation processes are being filed. BP has already paid out $ US 5.7 billion in compensation claims from people, the US Government, businesses, and localities affected by the spill. The company has also initiated a research effort to study far-ranging effects of the spill by setting aside $ US500 million for the project. Financially, the disaster has impacted a heavy toll on pension holders and investors in the UK. The stock is thought to account for one in every six individuals in the country. Also known as the BP spill, the accident was one of the biggest environment news in several decades in petroleum industry. It caused extensive damage to wildlife habitats as well as to marine life. Hundreds of miles of Louisiana coastline had been badly affected and there are spikes in reported deaths of endangered animals in Alabama, Florida, and Mississippi. It is understood that the US Government has pointed BP as the responsible party and officials are committed to holding it responsible for the massive clean-up process. Damage to ecology has been significant. The tourism industry in the region has also suffered as 8 US national parks are threatened. Several declared endangered species are at risks which include turtles, birds, and fishes. The fishing industry in Louisiana was greatly affected by the spill.