Friday, May 14, 2010

BP (NYSE:BP) CEO Says Job in Jeopardy

BP (NYSE:BP) CEO Tony Hayward admitted today that his job could be in jeopardy as a result of the explosion on the oil rig Deepwater Horizon, which is spewing out oil into the Gulf of Mexico.

Hayward said there is no existing pressure to step down from his position, but added that the circumstances could change quickly depending on the results of the response of the company going forward.

So far costs to stop the spill have exceeded £300 million, and it's increasing at a rate of £6 million daily.

There are over 5,500 vessels now combating the oil spill, with 5,000 of them small fishing boats who are laying 1.2 million feet of booms to protect the coastlines, 500 larger vessels are skimming oil off the surface of the Gulf, and an additional 4 Hercules aircraft which are spraying dispersants on the area.

If the second attempt to place a device over the leak doesn't work, which would attempt to bring the oil up to the surface to ships, then it's unclear what the next step would be, though some have thrown out the idea of somehow putting debris of some sort over the leak to "stuff" it.

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