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AN ENVIRONMENTAL CRISIS IN THE US COULD POTENTIALLY TRANSLATE INTO FINANCIAL CRISIS IN THE UK

An Environmental Crisis in the US Could Potentially Translate into Financial Crisis in the UK

Study Released June 07, 2010

Commodity Report - Crude Oil - May 2010

As cleanup crews try to cope with damage caused by the Deepwater Horizon drilling rig disaster, oil continues to spill from the British Petroleum (BP) well in the Gulf of Mexico. It began with a loss of 11 lives in a rig explosion, in which the rig caught fire and sank on April 20th, 2010. So far, BP and the US government have mounted an unprecedented spill response, fighting the oil with booms, controlled burns, dispersants, and a recently failed “top kill” operation – in which 30,000 barrels of mud were pumped into the blowout preventer with the aim to push the oil back down the well shaft. BP hoped this would halt the flow long enough to pump cement into the shaft, sealing it. However, the pressure forcing the oil upwards proved to be greater than the force of the mud..... Download full report.

May 2010