BP Shares Plummet

BP shares plummeted to 355 pence as investors worried about the rising costs of the Gulf of Mexico oil spill crisis. U.S. President Barack Obama visited the spill hit areas and vowed to use all his power to heal the Gulf Coast. He was speaking at a staging post for oil clean up efforts.

BP's market value has fallen billions of dollars as its share price went down after the BP operated Deepwater Horizon rig sank on April 22.

The explosion that killed 11 people on April 20 started an enormous spill from a leaking well on the sea bed, with huge amounts of oil washing up on the U.S. Gulf coastline, becoming a threat to precious wildlife and local communities.

The oil spill in the Gulf of Mexico is being seen as the worst ever environmental disaster in U.S. history. BP is to outline a deal by Wednesday for a multi billion dollar fund for the oil disaster victims.

BP directors earlier met in London to discuss the cost of sorting out the disaster, which had jumped to about $US1.6 billion ($1.8 billion), and whether to suspend a dividend payment to shareholders.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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