BP shares dropped after another failed attempt by Milota Sidorova

If there was somebody thinking the oil rig crash causing the giant spill would be disasterous, he would be right. But the consequences of the biggest environmental catastrophe near the U.S. borders have been mounting and it is highly possible that they will be fatal. British oil giant BP has been failing for more than 6 weeks, being unable to stop the oil expanding from underwater well. The time projections for stopping the fuel are stretching as well. In the beginning it was several days, then it turned into 90 days, but even now BP representatives suggest the well could be cemented during August. So far social, environmental and economical consequences have been innumera! ble. The fact is the fishing and tourist industry has been frozen in four states. Yet, we don't mention dying ecosystems assuring climate and water reserve stability.The pressure has been rising in the Congress as well, led by President Obama who vowed to “bring all responsible” to face the justice. The criminal as well as civil investigation has been launched.The catastrophe is reaching to the markets – shares of the company have been declining continuously for weeks. As it became clear that the costs will exceed $1 billion, its shares dropped by more than 15 percent to 420 pence per share. The value of the shares is following every attempt to stop the oil. If it fails, so do the shares. The last “top kill” action took place on Saturday, but the mud attack remained of another disaster. The company succeeded just by slowing down the pace of leaking oil.

related story (sgx17451): http://www.france24.com/en/20100601-bp-shares-plunge-15-perc...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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