A series of unfortunate events

3 May 2010 By Christopher Swann

Even if BP’s spill comes down to human error, the disaster could cast a long shadow over deepsea drilling. Freak accidents derailed nuclear power and gene therapy and killed the Concorde. Pricier insurance and more regulation is the least the oil industry can expect.

This content is for Subscribers only

Context News

BP said on May 3 that it was working to stem the undersea leak from its well off the U.S. coast and promised to pay for the cleanup and compensation claims.

It could take weeks to stem the flow of oil and would require either trapping it and channeling it to a tanker or drilling a relief well, Reuters reported.

Fitch's Energy Team estimated the containment and cleanup costs could reach $2 billion to $3 billion "once the leak reaches land, and potentially more, the longer it takes to arrest to the flow of oil into the Gulf."

BP admitted to struggling to control the spill, which is 5,000 feet under the sea.

Email a friend

Please complete the form below.

Required fields *