Friday, May 14, 2010

Oil Spill Far Worse Than BP (NYSE:BP) Estimated

BP (NYSE:BP) has claimed that oil is spilling at a rate of 5,000 barrels a day. At the request of NPR, experts have analyzed video of oil gushing out of the broken pipe. They are saying that BP's oil spill estimation is no where near accurate.

The experts are saying that in reality, the loss of oil is actually between 56,000 to 84,000 barrels a day. Its come out the federal agency MMS, who is in charge of overseeing offshore oil drilling has fallen short of their responsibilities.

MMS has routinely allowed BP among other companies to drill in the Gulf. This has been allowed to go on apparently without getting the mandatory environmental permits. This isn't the first questionable behavior from MMS.

MMS has recently faced another scandal as well. After a recent investigation, it was found MMS had a "culture of ethical failure" at their agency.

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