Washington, June 02: Tough days ahead for British Petroleum and oil industry at large, as Federal Authorities opened criminal investigation into the worst oil spill of U.S.
Attorney General Eric Holder said Tuesday, “We will closely examine the actions of those involved in the spill. If we find evidence of illegal behavior, we will be extremely forceful in our response.”
BP lost billions in market value when shares dropped in the first trading day since the company failed yet again to lug the oil gusher. As there is no end in sight to the cleanup exercise, investors preferred to off load stakes and stay away from the BP.
In one hand BP is not getting any solution to control the spill, and on other hands market is punishing it for the misdeeds. The company’s share price, which has fallen steadily since the start of the disaster, took a turn for the worse Tuesday, losing 15 percent to $6.13 in early afternoon trading on the London Stock Exchange.
After the abandonment of “top kill” over the weekend all hopes lies with two relief wells that won’t be finished until at least August.. However company is trying another risky temporary fix by sawing through the leak pipe and putting a cap over the spill.
Doug Scuttle, BP COO, said there was no guarantee that cut-and –cap effort would work. “I’m very hopeful. I think we’ll find out over the next couple of days.”
President Barack Obama is closely watching the development. He gave the leaders of independent commission investgating the spill orders to thoroughly examine the disaster and its causes, and to follow the facts wherever they lead, without fear or favor.
The president said that if laws are insufficient, they’ll be changed. He said that if government oversight wasn’t tough enough, that will change, too.
BP said early Tuesday it had spent $990 million so far on fighting and cleaning the spill, with multiple lawsuits for damages yet to be tallied.
The National Oceanographic and Atmospheric Administration also announced that almost one-third of federal waters — or nearly 76,000 square miles — in the Gulf were closing to commercial and recreational fishing because of the spill.
—Agencies