Pressure mounts as BP tries to plug hole again

2010-06-02 76


BP is pressing ahead with its latest attempt to curb the flow of oil into the Gulf of Mexico as pressure mounts on the company.


Not only has the value of its shares tumbled as the leak continues, but the oil giant also finds itself at the centre of both criminal and civil investigations in the United States.


The FBI and other agencies are looking into what caused the disaster and the US Attorney General Eric Holder has warned: "If we find evidence of illegal behavior, we will be forceful in our response."


BPs latest plan to plug the leak involves siphoning off some of the oil by using robot submarines to cut away what is left of the offshore well's riser pipe, before lowering a containment dome.


This oil spill disaster is proving to be both environmentally and ecologically devastating.


BP has lost around £46 million - more than a third of its market value - since April.


If share prices continue to fall as they have been, it could have serious repercussions on UK pensions, as many funds have invested heavily in the company.

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