June 2010 Archives

For every rupee the consumer spends on petrol in Delhi, the Centre will earn about 29 paise, while the State Government will get about 16 paise. The balance 55 paise will go to the oil refining and marketing companies. Simply put, the exchequer will continue to take away about 45 paise towards taxes on every rupee spent on petrol.

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Under the new retail price of Rs 51.43 a litre for petrol at Delhi, the excise outgo will continue to be at Rs 14.78. This is because the excise component has not been altered even while the Government has allowed de-regulation of petrol price. In the case of diesel, out of every rupee spent by the consumer in Delhi, 12 paise will go to the Centre, and 16 paise will go to the State. The balance 72 paise will go to the oil refining and marketing companies. At the new retail price of Rs 40.10 for a litre of diesel at Delhi, the Centre would get Rs 4.74 as Excise Duty.

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The government today took a bold step towards reform by allowing for the partial de-control of fuel prices. Starting midnight tonight petrol prices will be market linked. That amounts to Rs 3.50 hike per litre of petrol - a 6.7% increase. Diesel prices will also be de-regulated, but over time. For now they have been hiked by Rs 2 rupees a litre - that's a 5% increase.

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The Empowered Group of Ministers also announced that LPG prices will be hiked by Rs 35 per cylinder and kerosene prices are up by Rs 3 per litre. Though both cooking fuel prices will continue to be administered, analysts estimate these price hikes will reduce underrecoveries from Rs 77,000 crore to Rs 53,000 crore. This means many of the key recommendations of the Kirit Parikh Committee have been accepted, except for the complete de-regulation of diesel prices.

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On the fuel price hike impacting inflation, the government’s Chief Economic Advisor said that it will push monthly core inflation up by 90 basis points.

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Volatility in the oil market is more of a risk to the economic recovery than the outright price of crude, an International Energy Agency (IEA) official said on Wednesday.

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Benchmark U.S. crude futures fell from above $87 a barrel in early May to as low as $64 by mid-May, as European debt problems underscored the fragile state of the economic recovery. Since then, price has recovered to around $77 a barrel. "Our feeling is to say rather than $75 per barrel is harmful to the economic growth, the risk of prices going very rapidly to $85, $95 or $105 is something that could undermine the recovery, more than the absolute level of prices itself," David Fyfe, head of the oil division at the IEA, said on the sidelines of the presentation of its medium-term oil and gas market report.

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NEW YORK: Deepwater oil production in the Gulf of Mexico accounted for 23% of all oil produced in the United States last year, and 7% of all crude consumed in the nation’s refineries, according to the Energy Information Administration’s “Annual Energy Outlook.” Offshore production has risen 770,000 barrels per day since 1990, helping offset declining output of almost 2.9 million barrels elsewhere. In the Gulf, deepwater has been the fastest growing segment in recent years, accounting for more than three-quarters of all production last year. Before the blow-out of BP’s Macondo well, and the subsequent drilling moratorium, EIA forecast deepwater output would rise another 35% to hit 1.67 million barrels per day in 2015, up from 1.23 million bpd in 2009. By then, Gulf deepwater output would account for almost 29% of all oil produced in the United States.

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Some analysts have suggested Macondo puts a large share of this forecast production in jeopardy, tightening the forward supply picture significantly. The International Energy Agency (IEA) has labelled it a potential game changer. President Barack Obama has seized on the spill to urge the country to “embrace a clean energy future.” In practice, though, deepwater production is so important the United States has no alternative to continue exploration and raising output if the country is to have any real prospect of meeting predicted energy needs at acceptable prices without jeopardising energy security by raising imports even further.

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EIA predicts slower growth in liquid fuel consumption over the coming two decades mostly as a result of increased energy efficiency. Gasoline demand may even have peaked, at least the component derived from petroleum, as a result of increased ethanol blending under the Renewable Fuels Standard (RFS).

Full Story: Drilling moratorium may hurt oil demand - Economic Times

In what one environmentalist described as "yet another public relations disaster" for embattled energy giant BP, CEO Tony Hayward has taken time off Saturday to attend a glitzy yacht race around England's Isle of Wight.

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Robert Wine, a BP spokesman in Houston, said it was the first break Hayward has had since the Deepwater Horizon rig exploded on April 20, killing 11 people and starting the oil leak. Advertise | About Us | Feedback | Disclaimer | Investor | Complaint Redressal | Careers | Contact Us © Copyright NDTV Convergence Limited 2010. All rights reserved.

Full Story: Oil spill: BP head attends yacht race - NDTV.com

Once the machines have separated the oil and water, the oil is stored in tanks. Officials say the devices can process 600,000 gallons a day, achieving 99 per cent purity levels without the use of chemical or biologic agents.

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Once the machines have separated the oil and water, the oil is stored in tanks. Officials say the devices can process 600,000 gallons a day, achieving 99 per cent purity levels without the use of chemical or biologic agents. "This machine was designed... to fight for you," Costner said. A containment cap and another device are capturing some 25,000 barrels of oil a day, but the latest estimates suggest 35,000-60,000 barrels a day are spewing out.

Full Story: Kevin Costner helps clean up oil spill - BBC News

Whether on health care reform or the Christmas Day terror attempt, President Barack Obama has a history of last-minute saves: Under fire for being too slow off the mark, he roars in with a flurry of activity to show he’s on the case.

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Obama tried it again this week with the BP oil spill, and it seemed to help – briefly quieting his critics and stabilizing a situation that was rapidly slipping out of his control. But unlike health reform or the terror watch list, Obama can’t declare victory and move on. The final test of the actions he set in motion over the past four days is weeks or even months away, and his perils-of-Pauline moment could be short-lived if he falters on the follow-up.

Full Story: As oil flows, Obama tries to reverse field - Politico

The pressure on BP in the US has continued as the oil company's beleaguered chief executive, Tony Hayward was given a working over by a US Congressional Committee.

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He was accused of "astonishing complacency" and of cutting corners to save money, among a number of other major criticisms and complaints.

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Full Story: BP CEO Tony Hayward grilled by Congress over oil spill - BBC News

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Mexico wants $20 mn from BP to monitor oil spill Hindustan Times The Mexican government may ask British oil giant BP for $20 million to monitor oil spill in the Gulf of Mexico, an official said. ... BP fund 'best news' since oil disaster, say Gulf residentsTimes of India US nails BP for oil spill, ignores BhopalIBNLive.com Obama outlines oil spill “battle plan”The Hindu BBC News -San Jose Mercury News -ABC Online all 21,354 news articles »

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Full Story: Mexico wants $20 mn from BP to monitor oil spill - Hindustan Times

Oil firm BP is to place $20bn (£13.5bn) in a special fund to deal with compensation payouts after the Gulf oil spill, Barack Obama has said.

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In his current role as Mr Obama's "pay tsar", Kenneth Feinberg sets salary limits for executives at firms in receipt of federal bailout funds.

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This week, the BBC is assessing the impact of the Louisiana oil spill. Correspondents in the US, the Gulf of Mexico, Brazil, Nigeria and London are reporting for the BBC World Service, World News TV and the BBC News website.

Full Story: BP to fund $20bn oil spill payout - BBC News

US President Barack Obama has again criticised BP and said he will hold the company responsible for paying compensation to victims of the oil spill in the Gulf of Mexico.

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Mr Obama made his comments in his first televised address from the Oval Office to the American people, in an effort to restore public confidence in his handling of the country's worst environmental disaster. The president said he would fight the spill with everything the government could muster and would radically reform the federal agencies that oversee the oil industry.

Full Story: Obama says BP will pay for oil spill - RTE.ie

When Mr Obama's campaign was beset with criticism over his relationship with the Reverend Jeremiah Wright, the then-senator gave an eloquent and widely-lauded assessment the state of race relations in American society.

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On Tuesday evening, Mr Obama chose to address the BP oil spill crisis from the illustrious Oval Office, a location soaked in historical importance and shrouded in seriousness, where past presidents have spoken of wars, tragedies and struggles. Mr Obama announced that Navy Secretary Ray Mabus would be charged with developing a long-term plan to rehabilitate the Gulf Coast, restoring its "unique beauty and bounty".

Full Story: Oil theatrics - BBC News

WASHINGTON — The head of BP America is telling Congress that despite the catastrophic oil spill, the U.S. cannot do without oil from the Gulf of Mexico.

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BP America chairman and president Lamar McKay told a House panel in prepared testimony that America's economy, security and standard of living "significantly depend upon domestic oil and gas production." He said that companies have operated in the Gulf safely and reliably. The Associated Press obtained a copy of his remarks prior to delivery. McKay warned that reducing energy production without consumption would shift jobs offshore — and put millions of additional barrels onto tanker ships that travel across oceans.

Full Story: BP executive says US cannot do without Gulf oil - The Associated Press

WASHINGTON: The disastrous oil spill in the Gulf of Mexico is not only having its immediate impact on the economy of the region, but it will also have a long-term effect on the way of life that has been passed for generations, US President Barack Obama has said.

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WASHINGTON: The disastrous oil spill in the Gulf of Mexico is not only having its immediate impact on the economy of the region, but it will also have a long-term effect on the way of life that has been passed for generations, US President Barack Obama has said. "There's a sense that this disaster is not only threatening our fishermen and our shrimpers and our oystermen, not only affecting potentially precious marshes and wetlands and estuaries and waters that are part of what makes the Gulf Coast so special -- there's also a fear that it can have a long-term impact on a way of life that has been passed on for generations," Obama said.

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WASHINGTON: The disastrous oil spill in the Gulf of Mexico is not only having its immediate impact on the economy of the region, but it will also have a long-term effect on the way of life that has been passed for generations, US President Barack Obama has said. "There's a sense that this disaster is not only threatening our fishermen and our shrimpers and our oystermen, not only affecting potentially precious marshes and wetlands and estuaries and waters that are part of what makes the Gulf Coast so special -- there's also a fear that it can have a long-term impact on a way of life that has been passed on for generations," Obama said. "I understand that fear," Obama said in his speech in Alabama during his fourth trip to the region in the aftermath of the oil spill in the Gulf of Mexico that is having a disastrous impact on the economy and the environment of the region.

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Full Story: Oil spill to have long term impact on way of life: Obama - Times of India

British energy major BP Plc on Monday said the response to the devastating oil spill in the Gulf of Mexico has so far cost the company $1.6 billion.

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One of the worst oil spills in recent history, the disaster has till date attracted more than 51,000 claims from various quarters. One of the worst oil spills in recent history, the disaster has till date attracted more than 51,000 claims from various quarters. “The cost of response (to the Mexican Gulf oil spill) to date amounts to approximately $1.6 billion, including the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs,” BP said in a statement.

Full Story: BP has spent $1.6 bn on oil spill so far - The Hindu

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BP says Gulf oil spill costs reach 1.6 billion dollars AFP LONDON — British energy group BP said Monday that its costs of sorting out the Gulf of Mexico oil spill had risen to about 1.6 billion dollars (1.3 billion ... Obama wants BP to form escrow fund for oil claimsEconomic Times Protect your business from oil spill damagesMiamiHerald.com BP oil spill bill hits $1.6 blnReuters Africa Mirror.co.uk -Seattle Times -New York Times all 8,104 news articles »

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Full Story: BP says Gulf oil spill costs reach 1.6 billion dollars - AFP

President Obama wants BP oil spill claims to be paid through an escrow account funded by BP. The plan comes as BP is weighing whether to pay dividends to shareholders.

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The Obama administration’s management of the BP oil spill cleanup now appears to be a race for money. Reports Sunday indicate that President Obama will direct BP to set up and escrow account from which damage claims by individuals and businesses long the Gulf Coast will be paid. If BP refuses, Mr. Obama is prepared to argue that he has the legal authority to force BP’s hand, the reports suggest.

Full Story: BP oil spill: with escrow plan, Obama races to claim BP's money - Christian Science Monitor

LONDON: The disaster caused by the Gulf of Mexico oil spill has cast doubts over the future of deep water exploration and is likely to have the long-term effect of raising oil prices, analysts say.

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British oil giant BP has struggled to stem the crude gushing from a ruptured underwater pipe after the Deepwater Horizon rig it leased exploded before sinking into the sea on April 22, causing a major environmental disaster. British oil giant BP has struggled to stem the crude gushing from a ruptured underwater pipe after the Deepwater Horizon rig it leased exploded before sinking into the sea on April 22, causing a major environmental disaster. "The benefits of being able to drill and produce in deep and ultra-deep waters are brought into question now it has become clear that basic remediation of problems is extremely difficult in deep water," said analysts at Barclays Capital.

Full Story: Oil spill casts doubts on deep water exploration - Economic Times

BP.N ) is working to increase its capacity to handle oil collected from its blown-out Gulf of Mexico well until August, when a pair of relief wells are drilled down far enough to plug it.

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The current collection system can accommodate 18,000 barrels a day, and will be increased to 38,000 barrels a day later this month. The system collected 15,400 barrels of oil on June 10, 400 barrels less than the amount collected in the previous 24-hour period. By mid-July, BP will replace that system with one that has capacity of up to 50,000 barrels a day and can better withstand hurricanes in the storm-prone Gulf.

Full Story: FACTBOX-BP's increased capacity to handle oil, next steps - Reuters

Shares in BP have opened 5% higher in London, recovering some of the losses suffered the previous day.

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BP shares were trading at 384.75p. On Thursday, its shares fell 6% as it continued to struggle with the fallout from the Gulf of Mexico disaster.

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The oil giant's share price has almost halved since the Deepwater Horizon oil spill began on 20 April.

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Full Story: Oil spill: BP shares open higher in London - BBC News

A summary of events on Thursday, June 10, Day 51 of the Gulf of Mexico oil spill that began with the April 20 explosion and fire on the drilling rig Deepwater Horizon, owned by Transocean Ltd. and leased by BP PLC, which is in charge of cleanup and containment. The blast killed 11 workers. Since then, oil has been pouring into the Gulf from a blown-out undersea well.

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BP plans to boost its ability to directly capture oil leaking from the well in the Gulf of Mexico by early next week. Kent Wells, BP's senior vice president of exploration and production, said a semi-submersible drilling rig should be set up early next week to capture and burn about 420,000 gallons of oil a day. Once on board, the oil and gas collected from the well will be sent down a boom and burned at sea. A drill ship already at the scene can process a maximum of 756,000 gallons of oil daily that's sucked up through a containment cap sitting on the well head. The Obama administration said BP has agreed to expedite the payment of claims to businesses and individuals whose livelihoods have been disrupted by the Gulf of Mexico oil spill. Tracy Wareing, of the National Incident Command office, said administration officials raised a "pressing concern" with BP executives during a meeting Wednesday about the time BP has been taking to provide relief payment. She said the company will change the way it processes such claims. Among other things, it will drop the current practice of waiting to make such payments until businesses have closed their books for each month.

Full Story: Some oil spill events from Thursday, June 10, 2010 - The Associated Press

I’m not disappointed that EGoM couldn’t take a decision on fuel price hike. I understand its a sensitive matter. Such issues are not easy to decide in the first meeting itself. The government is aware that oil PSUs (public sector undertakings) are incurring losses on retail sale of petrol, diesel, PDS kerosene and LPG (cooking gas). They constitute over 60% of our total sales. The government also understands impact of a price hike. It has to strike a balance. Such issues may take several rounds of discussions, if required. I’m positive that the government will soon resolve this matter and it will be an amicable solution for all parties involved including customers.

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Due to global crude oil price fluctuation we made significant inventory gains. Besides, we improved our performance in all counts. A cash compensation from the government for our losses on selling fuel below cost was also a major relief. Though we had to absorb some of the subsidy burden.

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We’ll shortly be reviewing all such projects that have been put on hold. Yes, we have better cash reserves. But future (of financial performance) is still uncertain pending a policy decision by the government (on fuel pricing issues). It will be too early to name projects that will be revived.

Full Story: Not upset, oil hike call can't be made in haste: IOC chairman - Economic Times

NEW ORLEANS — Help is on the way to bolster the work being done to contain the crude spewing from the bottom of the Gulf of Mexico, including a tanker from the North Sea that will provide an important assist, the point man for the government's response to the disaster said Wednesday.

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The current containment system is catching 630,000 gallons daily, Coast Guard Adm. Thad Allen said at a news briefing in Washington. Officials had previously cited that figure as the system's general capacity, but Allen said officials now believe it can handle 756,000 gallons daily. Even so, there's still more oil eluding capture. BP is bringing in a second vessel that will increase capacity, as well as the North Sea shuttle tanker, which will assist in the transport of the oil, and a device that will burn off some of it. The company previously said it plans to switch out the current containment cap with a slightly larger one that will seal better and trap more oil.

Full Story: BP oil collection ramps up; so do claims questions - The Associated Press

An oiled White Ibis, right, is seen with a clean bird at an unnamed island in Barataria Bay off the coast of Louisiana Tuesday, June 8, 2010. The bird was oiled by the Deepwater Horizon spill in the gulf of Mexico.

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Energy giant BP said Tuesday it will donate any revenue from oil collected from the leak in the Gulf of Mexico to a wildlife fund for the embattled United States’ Southern coast. BP in the last few days has succeeded in placing a containment cap over the ruptured wellhead about 1.6 kilometres below the surface. On Monday it collected nearly 15,000 barrels, though that may only be half of the oil gushing into the ocean from the leak.

Full Story: BP: will donate oil spill revenue to Gulf wildlife fund - The Hindu

WASHINGTON: BP engineers seeking to contain the worst oil spill in US history captured more than 14,800 barrels of crude from a blown-out well in the past 24 hours, the top US disaster official said Tuesday.

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WASHINGTON: BP engineers seeking to contain the worst oil spill in US history captured more than 14,800 barrels of crude from a blown-out well in the past 24 hours, the top US disaster official said Tuesday. "Regarding the containment operations with the cap, in the last 24-hour period from midnight last night to midnight this night, we were able to recover 14,842 barrels," Coast Guard Admiral Thad Allen told a press briefing. WASHINGTON: BP engineers seeking to contain the worst oil spill in US history captured more than 14,800 barrels of crude from a blown-out well in the past 24 hours, the top US disaster official said Tuesday. "Regarding the containment operations with the cap, in the last 24-hour period from midnight last night to midnight this night, we were able to recover 14,842 barrels," Coast Guard Admiral Thad Allen told a press briefing. "This has climbed steadily from the first day which you remember we've gone from about 6,000 barrels up to almost 15,000.

Full Story: BP captures over 14000 barrels of oil in 24 hours - Economic Times

The Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee has failed to reach a decision on fuel prices. In an exclusive interview with CNBC-TV18, SP Tulsian from sptulsian.com spoke about his outlook on the EGoM meet and his stock picks from various sectors.

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Below is a verbatim transcript of the interview. Also watch the accompanying video.

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A: Definitely disappointment is there. You can just call it a delay because of the non-participation of the allies. In my view, wherever it will happen maybe in a fortnight down the line, it is likely to get largely diluted the kind of hopes that we had. We had been expecting that probably Rs 4 rise in petrol and Rs 2.50 in diesel. Even the overall increase in the price of the petro products will get diluted.

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Full Story: Check out: SP Tulsian's bets from oil, sugar, realty space - Moneycontrol.com

The Empowered Group of Ministers, headed by Finance Minister Pranab Mukherjee has failed to reach a decision on fuel prices today as all members were not present today. Sharad Pawar , Kamal Nath , and Mamata Banerjee did not attend today's meet.

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EGoM said it needs to discuss the fuel price issue further. "The possible inflationary effect of fuel price hike was discussed." The revenue loss to the government stands at Rs 3.45 lakh crore in FY04-10, it stated. Economist Kirit Parikh, who headed the Kirit Parikh Committee on deregulation of fuel prices, expressed his disappointment that the EGoM did not take a decision. The Kirit Parikh Committee had recommended freeing up petrol and diesel prices. It had suggested hiking kerosene and LPG prices by Rs 6 per litre and Rs 100 per cylinder.

Full Story: No decision taken on fuel prices at EGoM meet - Moneycontrol.com

The oil ministry favours a quick switch to market prices for petrol and a gradual rise in diesel rates as part of a government drive to cut subsidies, three sources in the petroleum ministry said on Monday.

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It also wants a small increase in the price of kerosene, used for lighting by the poor, and in cooking gas.

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India's fuel pricing system is scheduled to be reviewed at 1630 hours (1100 GMT) by a panel of ministers led by Finance Minister Pranab Mukherjee .

Full Story: Oil ministry wants gradual fuel reform - Moneycontrol.com

VENICE: BP CEO Tony Hayward said he did not plan to quit over the massive Gulf of Mexico oil spill, as the energy giant’s bid to contain the crude appeared to reach a turning point. Public and political pressure has been mounting on London-based BP to cap its gushing seabed oil well and take full financial responsibility for the cleanup and damage caused to Gulf coast fisheries, wildlife and tourism.

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Hayward became a lightning rod for Americans’ anger with BP when he told struggling Gulf Coast residents last month, “I would like my life back,” a remark which rekindled speculation he may not survive the crisis. Hayward became a lightning rod for Americans’ anger with BP when he told struggling Gulf Coast residents last month, “I would like my life back,” a remark which rekindled speculation he may not survive the crisis. “It hasn’t crossed my mind. It’s clearly crossed other people’s minds but not mine,” Hayward told The Sunday Telegraph in an interview when asked if he had thought of stepping down as head of BP due to the outcry over the oil spill.

Full Story: Progress in oil spill control: BP chief - Economic Times

At what looks like the mid-way point in the Gulf of Mexico oil-spill crisis, it’s not too early to ponder needed reforms in offshore drilling.

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It’s tempting to wish for a moratorium on offshore drilling, given how shot through with public- and private-sector incompetence this story has been since April 20, when BP’s Macondo exploratory well began spilling an estimated 12,000 to 19,000 barrels of oil a day into the Gulf. In a worst-case scenario, BP’s underwater gusher just 60 km off the Louisiana coast will spill about 105 million gallons of oil, or almost 10 times the damage from the Exxon Valdez, until now the worst oil spill in U.S. history.

Full Story: Olive: Let's learn the lessons from BP's Gulf oil spill disaster - Toronto Star

VENICE: President Barack Obama on Saturday defended his handling of the Gulf of Mexico oil spill, while BP Plc said it aims to siphon off most of the oil gushing from the ruptured deep-sea wellhead within days. Using robot submarines, British energy giant BP has clamped a containment cap over the ruptured wellhead a mile (1.6 km) below the ocean surface. But initial estimates of how much crude was being collected and siphoned safely to the surface amounted to a fraction of the oil that continued to belch from the ruined well.

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The unfolding ecological and economic disaster along the US Gulf Coast, which began on April 20, has presented a stern test of Obama’s leadership. He has faced criticism that the US government has not done enough to tackle the crisis. In his weekly radio and Internet address to Americans on Saturday, Obama said his administration has put in place the largest response to an environmental disaster in US history. He said the government had been “mobilised on every front,” with more than 1,900 ships and 20,000 people helping clean up the spill. The president on Friday paid his third visit to the Gulf Coast since the offshore oil rig blowout. BP, facing a US criminal probe amid mounting lawsuits, dwindling investor confidence and growing questions about its credit-worthiness, delayed word on whether it would suspend an upcoming dividend payment to shareholders, as some US politicians demanded.

Full Story: Obama defends US govt actions on oil disaster - Economic Times

President Barack Obama has criticised BP for "short-changing" residents in the Gulf of Mexico affected by the oil spill.

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He said the company had moral and legal obligations to people affected by the disaster.

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BP said it was confident a new cap placed over the ruptured well in the Gulf would contain most of the leaking oil, but it could take 48 hours to check whether the system is stable.

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Full Story: Obama: BP 'short-changing' oil spill residents - BBC News

In April, BP’s exploration rig off the U.S. coast caught fire, killing 11 people and causing a mile-deep oil spill that the oil giant has so far failed to plug.

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The incident, which began with concerns of toxic drilling chemicals leaking into the sea and became a catastrophic oil spill, has brought the British oil major to its knees as compensation costs rise.

Already, Indian explorers are beginning to feel the effects.

Mr. Sharma said the company was closely monitoring operating procedures but did not elaborate. His concerns are justified.



Full Story: What the BP Gulf Oil Spill Means for India - Wall Street Journal (blog)

Decades ago, the Soviet Union used nuclear blasts to successfully seal off runaway gas wells, inserting a bomb deep underground and letting its fiery heat melt the surrounding rock to shut off the flow. Why not try it here? The idea has gained fans with each failed attempt to stem the leak and each new setback — on Wednesday, the latest rescue effort stalled when a wire saw being used to slice through the riser pipe got stuck.

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This week, with the failure of the “top kill” attempt, the buzz had grown loud enough that federal officials felt compelled to respond. The nuclear option was not — and never had been — on the table, federal officials said. “It’s crazy,” one senior official said.

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Nuclear experts say using a nuclear bomb would be not only risky technically, with possibly disastrous consequences from radiation, but also unwise geopolitically — it would violate arms treaties that the US has signed.

Full Story: Calls for N-blast to check US oil spill grow louder - Times of India

BP is hoping the latest effort to cap the leak in the Gulf of Mexico will be finished in 3 days, but oil has already reached the shores of neighbouring states.

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The operation known as "cut and cap" was delayed for half a day when a saw became stuck in a thick pipe on the sea bed. President Obama, has used the oil leak to urge Congress to pass a bill which would support clean energy.

Full Story: BP continues efforts to cap oil leak - BBC News

Technicians use a robotic saw at the site of the Deepwater Horizon oil leak in the Gulf of Mexico in this video grab taken from a BP live video feed June 1.

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BP PLC, under pressure to contain a massive oil spill that is affecting an increasingly wide swath of U.S. Gulf Coast shoreline, has hit a snag while trying to sever a pipe connected to the mile-deep well as a six-foot-long oil sheen was found along Florida's Panhandle shoreline Wednesday.

Overnight, the response team was able to "successfully" make the first shear cut of the pipe, U.S. Coast Guard Adm. Thad Allen, the national incident commander for the spill, said at a news conference in Houma, La. However, a specialized saw got stuck while making a second fine cut that's needed before a containment device can be put in place.

Overnight, the response team was able to "successfully" make the first shear cut of the pipe, U.S. Coast Guard Adm. Thad Allen, the national incident commander for the spill, said at a news conference in Houma, La. However, a specialized saw got stuck while making a second fine cut that's needed before a containment device can be put in place. "They are working that problem right now. The goal later on today is to finish that cut and to be able to put a containment device on top of the wellhead," Adm. Allen said.



Full Story: Latest Effort to Contain Oil Well Hits Snag - Wall Street Journal

A s US Federal authorities open criminal and civil investigations into the nation's worst oil spill, British Petroleum is working overtime to control the 43-day-old oil leak which has extensively contaminated the Gulf of Mexico.

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The British oil major is under immense pressure to end the crisis as soon as possible. But looking at the enormity of the disaster, official sources say that it may take months to mop up the area and make it completely free from spilled oil. Insiders say that BP is planning a containment cap.

Full Story: BP under pressure to control oil spill - Rediff

Robot submarines carried equipment and cut small pipes at the bottom of the Gulf of Mexico on Monday to prepare to place a new containment valve over the blown-out well this week, while BP crews began working on yet another containment plan that could be added after the cut-and-cap effort.

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The giant British oil company could begin cutting through the riser that's spewing oil and gas into the Gulf as soon as Wednesday, after which they will attempt to place the cap-like containment device that would siphon the mixture to the surface.

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In a new plan announced Monday, BP said that after it places the containment valve over the leaking riser, it plans to connect a pipe to a separate opening on the blowout preventer at the blown-out well to suck oil to the surface. The opening is the same one they used to inject mud during the failed top kill procedure over the weekend, and the new effort will re-use some of the machinery left on the ocean floor.

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Full Story: BP Engineers Prepare for Next Bid to Stop Oil Flow - ABC News