03 May 2010 05:38 [Source: ICIS news]
SINGAPORE (ICIS news)--US President Barack Obama said on Monday that UK’s BP will shoulder the full cost of cleaning up the massive oil spill that was threatening to reach US shores, even as the government is helping out in the effort to mitigate a “potentially unprecedented environmental disaster”.
“Let me be clear: BP is responsible for this leak; BP will be paying the bill,” said Obama in a speech in Venice, Louisiana.
Obama flew to the Gulf state to inspect the damage being wrought on the ecosystem by the oil spill caused when BP's oil rig Deepwater Horizon exploded and sank on 20 April, 50 miles of off the coast of Louisiana and killing 11 people.
The UK oil and gas major may have to spend up to $2-3bn (€1.5-2.25bn) to fully clean up the oil spill once the leak reaches land, “ potentially more the longer it takes to arrest the flow of oil into the Gulf,” said Jeffrey Woodruff, energy team senior director at credit ratings firm Fitch.
“The oil that is still leaking from the well could seriously damage the economy and the environment of our ?xml:namespace>
“And while there will be time to fully investigate what happened on that rig and hold responsible parties accountable, our focus now is on a fully coordinated, relentless response effort to stop the leak and prevent more damage to the Gulf,” Obama said.
BP said last Friday that it had deployed over 2,500 people for a major protection and cleaning up effort on the shorelines of
“Currently, the most advanced technology available is being used to try and stop a leak that is more than 5,000 feet under the surface,” Obama said.
($1 = €0.75)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections