That includes expenses related to cleaning up the oil, protecting wetlands and beaches, efforts to seal the leaking oil well, assistance to Gulf states, as well as liability settlements.
If you think that a $350 million thus far is gargantuan, then you are absolutely wrong.
This sum is just a meagre fraction of a potential loss in the future. There has been a lot of uncertainties as to how long BP will actually take to clean up the entire mess.
It has been projected that it will lose around $2 billion to $14 billion depending on how successful the cleanup will be.
Yes you have not heard me wrong, the bare minimum is a sum of $2 billion loss and that's provided that BP is lucky. This is to say that there won't be any complications like the spreading of the oil further down the sea, poisoning the marine lifes and a transmission of potential diseases among the humans who happen to consume the water. Also, it might affect the livelihoods of many fishermen out there. On top of that, the tourism industry will inevitably be damaged because of the shutting down of certain areas to ensure that the cleanup is done properly. That means no more sea sports for you tourists!
All in all, the incident is still under investigation.
The cause of the fire that sunk the rig is still under investigation. Talk is centering around the cement used to seal the well, which was provided by Halliburton. It has been speculated that the cement may have leaked, allowing highly flammable gas to seep up the well and ignite.
Credits -cnn, -seattletimes, -schema-root
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