Oil the most precious natural resource with respect to the current economy. Rapid industrial Growth has contributed to fast depletion of oil resources and forced humanity to rethink its strategy with respect to the exploitation and consumption of it. Countries make huge investments to locate and tap sources of crude oil available to them, as oil and it's by products impact all aspects of Modern living. This manna may however turn into a dangerous life threatening commodity if it goes out of control due to human neglect or accidents. The recent oil spill in the Gulf of Mexico is an example of the devastation that can be caused by carelessness.
[...] oil spill of the magnitude described above is bound to have has far reaching consequences, on both the ecological as well as the economic balance of a nation. As the parties involved scramble to appropriate blame on each other, it makes sense to take some time to analyze the long and short term effects of such a disaster, and formulate policies that may help avoid similar occurrences in the future. - Ecology: Large quantities of crude oil released in the sea impacts the ecological balance of the ocean and the surrounding areas. [...]
[...] Public opinion and reaction: The oil company BP that was in charge of drilling operations has been widely criticized both in the US and internationally, for its role. There was widespread protest against the organization by citizens who targeted BP stations as well as other locations. Public personalities like the alternative metal Band Korn boycotted the use of BP fuel in their tour bus, and successfully inspired several other artists to join the boycott. Conclusion Although the largest off shore oil spill in world history, the Gulf of Mexico is not the [...]
[...] After a few more failed attempts, oil and gas started to flow through a second containment system on June 16th.This was directly to the blowout preventer that carried oil and gas to a service platform where they are burnt on ship in a clean burning system. Although the cap was accidently bumped off by a robot on 23rd June, it was successfully reinstalled the next day. 2-Efforts for permanent Closure: BP is in the process of drilling two relief wells into the original well in order to block it. [...]
[...] The oil spill has had an adverse effect on tourism operators in Louisiana, Mississippi and Alabama. Hotel owners, restaurateurs and boat charterers have reported cancellations as an after effect of the incident. Florida Key beaches are also reportedly losing millions as a result of it, after tar balls were washed up on the Florida beaches. Research subsequently established that the balls were not connected to the Gulf of Mexico Oil spill, but this information did not bring back the tourists to the beaches. [...]
[...] On June 25th BP reported that its own expenditure on the oil spill had reached $ 2.35 billion. This includes the cost on spill response, containment, relief well drilling, grants to Gulf States, claims paid and federal costs. Apart from this, Swiss Re has estimated total insured losses at $ 3.5 billion, and UBS has estimated final losses at $12 billion. According to Wills Group holidays, total losses could amount to $30 billion. BP' market value has now reached a 52 week low. [...]
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