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Environment group warns of Arctic oil drilling risks

With big oil companies eager to expand offshore exploration in the Arctic, an environmental group on Wednesday warned that the United States is ill-prepared to deal with an oil spill there. Freezing conditions, high seas and fragile ecosystems are among the dangers that could imperil operations to clean up a…

CEO: BP will make good on $10 billion in profit payouts to shareholders, despite spill

BP’s shareholders may receive more this year from the company’s coffers than those affected by the spill in the Gulf of Mexico will receive in their lifetime. BP CEO Tony Hayward has indicated that he will go ahead with massive dividend payouts to shareholders in the aftermath of the worst…

US may have to divert the Mississippi to fight oil slick’s spread

For the US Coast Guard, the mighty Mississippi River is its “best friend” in the fight against the oil spill. Trying to keep the spreading oil at bay, authorities have diverted the river into dozens of canals. But fishermen and ecologists are concerned an environmental disaster could be in the…

Oil washes onto Mississippi, Louisiana coastal islands

Oil leaking from a ruptured well pipe in the Gulf of Mexico washed ashore in two new locations on Saturday, the Coast Guard said, as the latest attempt to contain the spill faltered. Efforts to siphon leaking oil via an “insertion tube” up to a container vessel continued a day…

Oil spill could go on for years, experts say

The retired chairman of an energy investment banking firm told National Geographic in little-noticed comments Thursday that efforts to stop the oil leak under the Gulf of Mexico could prove fruitless and than oil could gush into the ocean for years. Matthew Simmons, retired chair of the energy-industry investment bank…

Gulf oil gusher ‘ten times worse’ than previously estimated, experts say

Obama wants higher oil company taxes, pledges $58 million for cleanup efforts Update (below): Democrats align to ban offshore drilling along west coast So this is why BP’s release of video showing the Gulf oil gusher was mysteriously delayed. According to a scientific analysis of footage from the bottom of…

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