Up to 9.5 million liters of oil continue to spew daily into the Gulf of Mexico since BP's Deepwater Horizon drilling rig off the coast of Louisiana exploded April 20, killing 11 workers. U.S. President Barack Obama has called the oil spill "the worst environmental disaster America has ever faced."
The economic damage suffered by local fishermen is enormous. There is fear that ecosystems in the gulf region may be devastated. The spill may spread to Florida's beaches and the Atlantic Ocean. The incident serves as a grave warning to countries that are addicted to oil and take the future availability of cheap oil for granted.
BP has already spent $3.12 billion in its response to the oil spill. On June 16, it agreed to pay $20 billion over four years into a fund for damage claims from the oil spill, although the fund does not cap BP's liability for economic damage and cleanup costs, Mr. Obama insists.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.