Custom essays on The Effects of Gulf of Mexico oil spill

The U.S. has officially recognized the oil spill in the Gulf of Mexico’s the largest environmental disaster in the history of the country. Executive Director of BP, Tony Hayward in May denied the claims of scientists about the discovery in the Gulf of Mexico the large submarine accumulations of oil, according to AP. According to Hayward, the oil is found only on the surface of water, and BP found no evidence of spots in the water column. Earlier, the U.S. President Barack Obama on Energy and Climate Change, Carol Browner, said it would be difficult to stop the oil spills in the Gulf of Mexico until August. In addition, the U.S. Coast Guard Adm. Thad Allen announced the decision of the Administration of Obama’s to “triple” the resources left to combat the diversion.
Economic evaluation in addition to loss of the third of market capitalization “culprit” British Petroleum – without a job may be left 150 thousand people – as cooks, waiters and fishermen supplying fresh seafood, and also the “freezing” of the tourism industry and sector of the economy. Companies engaged in the reinsurance of risks, increased the insurance costs in production of energy on the shelf by half after the insurance companies incurred losses of $ 3.5 billion from oil spills in the Gulf of Mexico, said Reuters referring to the report of the international rating agency Moody’s. The total amount of insured losses incurred as a result of the oil spill is expected at the level of 1.4 – 3.5 billion. However, the losses could be higher if the BP would have resorted to insure their liability in the market place to insure risks in the subsidiary insurance companies, say experts at Moody’s. Like most major oil companies, BP has insured the risks of losses by eliminating the effects of oil spills in the captive insurance company Jupiter Insurance Ltd. (Captive insurance companies – insurance company, founded by one or more entities for insurance (reinsurance) risks of its parent, or a limited, predetermined range of persons). In turn, it sold those risks to other “colleagues” on the market.
Reputation of the British Petroleum Corporation suffers plenty of difficulties. Each day the costs of British Petroleum are increasing to eliminate the consequences of the accident – the figures quoted at 450 million, 600 million, 930 million, 990 million and 1,250 billion U.S. dollars. On June 14, 2010 the loss was already $ 1.6 billion. According to British Petroleum on 12 July 2010, its expenditure on disaster relief workers were already 3.5 billion U.S. dollars, including 165 million dollars of this amount spent to cover the payments on individual claims.
The British oil company BP announced that against it in connection with oil spill in the Gulf of Mexico there have been filed thousands of lawsuits – 37.193. Total damage estimates in the management of BP 3.5 billion dollars. This amount includes: the cost of spill response, sealing wells, drilling additional wells, grants coastal countries and payment of claims,
The U.S. government’s energy policy should be changed and updated urgently. The disaster in the Gulf of Mexico could push the U.S. federal authorities to review the national energy policy. President Barack Obama hopes to win support in the Senate and the society of the new bill on energy. New energy policy will affect every citizen of the United States and will include a tax on carbon emissions, building new nuclear power plants, development of domestic natural gas and, more importantly, – the abolition of tax breaks for oil companies. Obama intends to achieve adoption of the bill despite the possible resistance. The President stressed that U.S. dependence on oil and other fossil fuels poses a threat to national security and the environment. “The law does not have to be taken immediately, but I intend to do so in the coming months. I will continue to defend the future of clean energy any way and I am ready to cooperate with all who share my position. Together we can do it. It is time once and for all to link the future with clean energy” – Barack Obama said at a meeting with students at Carnegie Mellon.
Total spending to eliminate the disaster in the Gulf of Mexico, according to experts, environmental organizations, can reach $ 60 billion. It should be noted that such incidents on the drilling rigs in the U.S. have not been witnessed for nearly 50 years. In 1964, in Philadelphia at the Mississippi there was an explosion on a drilling barge. Then 21 person died. Already, American officials believe that the current disaster will eclipse the emergency in Alaska, where in 1989, ran aground the tanker Exxon Valdez, and there were spilled into the ocean about 50 thousand tons of oil.