As the oil from the BP Plc (BP.L) gusher laps onto U.S. Gulf Coast shores, it is also muddying the prospects of Southern bank mergers. The worst offshore spill in US history is likely to have a broad impact on banks serving communities in the region, hurting consumer credit and real estate values, both residential [...]
Coast Guard officials are making preparations for what could turn into a hurricane. A tropical cyclone is forming south of the Gulf of Mexico and is headed toward the oil spill area. (June 25)
BP has begun preparing to fit a containment cap over its leaking Gulf of Mexico well, a process that could take four days, after declaring that its efforts to block the gusher by pumping mud and firing golf balls into it had failed. The failure of the “top kill” and “junk shot” efforts dealt a [...]
The U.S. Government says it won’t take over oil clean-up operations in the Gulf of Mexico from BP. Washington had criticised the oil giant for being too slow in its crisis management efforts. BP is pinning its hopes of stopping the gusher on yet another technique never tested 1,500 metres underwater: a ‘top kill’ in [...]
Frustration is growing along the Gulf Coast as more oil washes into Louisiana’s coastal wetlands. Many wonder how to clean up the mess, especially now that BP’s latest effort to plug the blown-out well won’t happen until at least Tuesda.
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