Bp Oil Spille

On April 20, 2010 a drilling rig named Deepwater Horizon which is owned by Transocean and was leased to BP Plc had a catastrophic explosion where eleven people were reported missing and seventeen were injured.   The incident occurred when the blowout preventer which is intended to prevent the release of crude oil failed to activate.   The news had reached the entire nation within minutes of the explosion of the 560 million dollar rig.

On April 22, 2010 The National Guards search and rescue team is deployed. By this time the oil rig has already sank 5,000ft into the water and reports begin to come in of a 5 mile long oil slick.   On April 23, 2010 the search for the missing workers is suspended and they are all presumed dead.   Deepwater Horizon is found upside down and about a quarter-mile from the blowout preventer.   Robert Gibb a representative for the White House   was quoted saying “I doubt this is the first accident that has happened and I doubt it will be the last”

April 24, 2010 oil is found to be leaking from the well.   A day later on April 25, 2010 underwater cameras are supplied by the US coast guard which will help determine the amount of oil being spilled into the ocean.   Reports claim that an estimated 1,000 barrels of crude oil will be spilled to the ocean per day.   At this point BP attempted to stop the leak by trying to activate the blowout preventer using a remote vehicle.

April 26, 2010 BP stocks fall by 2% due to the public fearing that the   high cost of the explosions legal claims and cleanup costs will cause long term problems for the company.