Sunday, June 13, 2010

BP (NYSE:BP) Hazardous Spill Containment: Declaring Bankruptcy

BP (NYSE:BP) seems to be doing some good in their hazardous spill containment efforts, while there is much talk swirling around them declaring bankruptcy. They've brought in more ships that collect and store the oil that is being redirected to the surface. They are now collecting 15,000 barrels of the crude oil daily, that number is expected to increase to 20,000 barrels daily very soon.

There is also growing tension between the government and BP, according to a top executive at BP. All the while trying to keep up the morale of those working so hard to get control and contain the oil spill. Doug Suttles, BP's chief operating officer, thanked BP workers, government officials, as well as contractors at the command center. Suttles said, there are "big frustrations out there." It's a huge challenge, we're doing something that we hoped we'd never have to do, but we're doing something that no ones ever done before," he said. "And I want to say thank you, you guys are doing a tremendous job under horribly difficult circumstances."

Meanwhile, the oil slick continues it path along the shorelines. With hitting Louisiana, Texas, Alabama, and Florida causing beaches to be closed and fragile environmental habitats to be destroyed, it's now pushing its course on to the East Coast.

The Attorney General in Florida and the State Treasurer in Louisiana have requested BP to put $7.5 million in escrow accounts to be used for their residents as well as to compensate the states for damages now and in the future. As of March 31st, BP only had $6.8 million available in cash and cash equivalents.

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