BP Pays Over 6 Billion for the World’s Most Expensive Plug
The cementing of the damaged Macondo oil well in the Gulf of Mexico has been hailed a huge success. The oil flow that has caused great concern around the world and devastated locals and the environment has finally ceased.
The mixture of cement and mud that was poured in to the well will most surely go down in history as the world’s most expensive plug. BP who is now counting the costs of the prolonged industrial disaster has officially released statements.
SO far over 6 billion dollars was spent by the energy giant to try to contain and clean-up the oil spill. These expenditures also included payouts in grants to the Gulf States, claims paid, and federal costs said Bp.
It has been estimated that close to 5 million barrels of oil have leaked from the damaged well over the past 87 days. Bp stated that there are close to 40,000 people still working on the spill response.
Lenders are being urged to begin lending money to those who have been affected by the oil spill. The Federal Reserve and banking regulators are encouraging lenders to restructure debt and credit terms for people who have been adversely affected by the situation, through no fault of their own.
A waiving of ATM fees and payment charges for those involved is also being considered.
BP is yet to make any statement as to the future of the drill site and if it will ever be re-opened. Industry analysts have speculated that the energy giant will not be able to resist for long, as the area still has a huge untapped oil reserve worth many billions.
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