Oil Spill Puts Financial Pressure on BP
03 June 2010
This is the VOA Special English Economics Report.
BP is one of the world's largest energy companies. It reported a profit of about six billion dollars in the first three months of this year. That was more than double compared to a year ago.
Now, BP faces growing political pressure over the worst oil spill in American history. Oil has been flowing from its damaged well in the Gulf of Mexico for almost seven weeks.
But the company formerly called British Petroleum also faces growing financial pressure. Investors fear the long-term costs for cleanup, recovery and fines. BP's market value fell more than sixty billion dollars as its share price fell by as much as a third.
On Thursday BP was finally able to cut a damaged pipe at the well using robotic vehicles. The cut was not exactly as hoped, but it was progress. Crews then turned to placing a cap over the pipe -- not to stop it, but to direct at least some of the oil to ships on the surface. The leak is about one thousand five hundred meters under the sea.
Yet it may not be fully controlled before August. Workers are drilling two relief wells in an effort to ease pressure on the damaged well.
The White House said President Obama is returning to the Gulf on Friday for his third visit since the disaster began. The Deepwater Horizon, an oil and gas drilling rig, exploded on April twentieth.
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