Sunday, May 30, 2010

Chevron (NYSE:CVX) Oil Leak, Will Pay All Oil Cleanup Costs

Chevron's (NYSE:CVX) engineers are frantically trying to find out the cause of their oil leak, which has been going on since April. So far, it's reporting to have lost at least 50 liters of oil and gas into the Burrard Inlet.

The company has said it is putting together a plan to extract and treat the pollutants stemming from their refinery. Although, this plan will not be put into effect until sometime in the Summer.

Ray Lord, Chevron's spokesman said they will put into place extraction wells as well as absorption blooms in the Inlet for now to help contain and recover the leak. Even though Lord would not give an estimate of what the fuel cleanup would cost, he assures that Chevron will be paying for everything in full.

"How long the wells and booms need to be there is difficult for us to say right now. It'll depend on how much of the ground water is appearing, what the transmission rate is and how effective our
interception systems are," said Lord.

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