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It doesn't pay to pollute.\n\nThe Gulf of Mexico oil spill disaster is likely to cost BP $23bn (£15bn) and its shares can be expected to lag behind those of its competitors by 5% for the "lasting" future, analysts warned today.\n\nMore than $9bn will come from reputational damage as a result of the Deepwater Horizon oil spill while the total costs are likely to drive up its net equity to debt ratio to 35%, much higher than its peers, according to Barclays Capital.

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But this whole Gulf of Mexico fiasco sounds a bit like a trailer mash-up between a Jean-Claude Van Damme movie and Al Gore's Inconvenient Truth. Unfortunately, this isn't Hollywood and we've have 5,000 barrels of crude oil bubbling into our ocean every single day--though some are reporting it's closer to 26,000 barrels a day!

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BP is facing civil legal action and even possible criminal charges in the US over the explosion of an oil rig in the Gulf of Mexico, it has been reported.

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Royal Dutch Shell plc spilled nearly 14,000 tons of crude oil into the creeks of the Niger Delta last year, the company has announced, blaming thieves and militants for the environmental damage.

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A former contractor who worked for BP claims the oil conglomerate broke federal laws and violated its own internal procedures by failing to maintain crucial safety and engineering documents related to one of the firms other deepwater production projects in the Gulf of Mexico, according to internal emails and other documents obtained by Truthout.

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The National Oceanic and Atmospheric Administration is releasing a new map each day forecasting the extent and concentration of the Gulf of Mexico oil spill expected for the following day at 6:00 p.m.

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The makers of Demotivators created a classy T-shirt to commemorate the hard work of everybody's favorite oil company [BP].

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BP is being investigated by US authorities over claims from a whistleblower that the oil company broke the law by not keeping key documents relating to a giant deepwater production platform in the Gulf of Mexico, the Guardian has learned.

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Officials from the U.S. Coast Guard and BP held a hurriedly called press conference late Wednesday evening to dramatically revise upward previous estimates of the Deepwater Horizon oil spill.

Rear Adm. Mary E. Landry, whose Coast Guard district oversees the cleanup operation, said a newly discovered rupture and calculations by the National Oceanic and Atmospheric Administration (NOAA) have caused estimates of the leak to be raised from 1,000 barrels to 5,000 barrels per day. That’s the equivalent of 210,000 U.S. gallons

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The US coastguard is investigating reports that oil from the Deepwater Horizon rig has begun washing ashore near the mouth of the Mississippi river.

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As military officials consider joining the battle against the massive oil slick in the Gulf of Mexico, the Obama administration said Thursday that the cost of the cleanup will fall on BP, the company in charge of the rig that exploded.

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BBC photos of the oil spill in the Gulf of Mexico

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"A massive oil and gas leak off Australia's northwest coast was killing seabirds and threatening thousands of marine animals, conservationists warned Friday.

Oil company PTTEP Australasia is preparing to make a fourth attempt at plugging the leaking Montara wellhead, which has been spewing oil, gas and condensate into the Timor Sea since August 21.

The spill is reportedly Australia's worst since offshore drilling began more than 40 years ago."

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