There was massive relief for the under-fire petrol company BP last Wednesday, when they managed to finally plug the ruptured oil well off the Gulf of Mexico. News quickly filtered through that most of the oil spill has now been cleaned up or been broken down by natural forces.
The White House claim that the majority of the remaining oil off the Gulf has now evaporated, been collected or has burnt off. Even the fiercest critic of all, US president Barack Obama has hailed the fact the operation and the ordeal was coming to an end.
Five million barrels of oil have spewed into the ocean since the explosion of the Deepwater Horizon rig on April 20th, killing 11 oil rig workers. Local businesses and wildlife have been seriously affected by this environmental crisis, in the worst oil disaster since the Exxon Valdez oil spill off Alaska in 1989. BP have taken some significant hits in the markets, both in the UK and in the United States, with their chief executive stepping down at the beginning of October. Their handling of the spill has given the worldwide company some very troubled and distressing times. However, it now appears that like Toyota, who have recorded handsome profits since their disastrous worldwide recall in February, BP may be about to turn the corner.
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