Everything You Need To Know About The Worst Oil Spill In US History

oil spill

The oil spill surged back in the news today after reports that BP’s deepwater rig is spewing out far more oil than expected.

Jumping from 1,000 barrels-per-day to 5,000 barrels-per-day has a big multiplier effect on the political and environmental consequences of the wreck.

If the leak continues for 53 days, the spill volume will exceed Exxon Valdez.

September 2009: Deepwater drills the deepest oil well in history

April 20, 2010: An underwater explosion... the rig catches fire...

April 20: Nearly 100 workers escape by life boat... another 17 are rescued by helicopter

April 20: 11 workers are presumed dead

The explosion is caused when a blowout preventer fails to close as pressure increased

April 21: BP estimates oil leakage at 1,000 barrels per day

April 28: Louisiana shrimp farmers file suit against BP

April 29: After discovering a third leak, government experts increase their estimate to 5,000 barrels per day. BP accepts the new estimate

Three stocks take a big hit: BP, Transocean (RIG), and blowout-prevention-part-marker Cameron (CAM)

Wind and ocean currents push the oil spill towards the continental US.

Louisiana Governor Bobby Jindal declares a state of national emergency. Barack Obama confirms.

At 5,000 bbl per day, it will take only 53 days for the spill to exceed Exxon-Valdez.

Thousands of fish and birds are at risk (note the flock of gulls). Environmentalists are furious

BP is spending $6 million-a-day on cleanup, and they're just getting started

The most environmental option could be setting the oil on fire!

BP has been unable to close the leak using rovs. The next option involves putting a dome over the well head -- which could take weeks -- or introducing a second rig to siphon flow -- which could take months

The oil is 20 miles from Louisiana and will make landfall late Friday (even if containment efforts go well)

April 30: Leak may be 5x previous estimates -- 25,000 barrels a day!

Source: WSJ

How does this effect the future of off-shore drilling?

Here's why we need deep-ocean drilling...

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