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Is Deepwater Horizon the New Ecuador?

Posted by Oilprice.com on January 31st, 2012

Nearly two years after the worst accidental offshore oil spill in the history of the energy industry, some of the biggest companies in the world are busy pointing their legal fingers at one another in court over who has to pay what in claims, damages and fines over the deadly Deepwater Horizon oil spill.

SITUATION: One indirect consequence of the Gulf of Mexico oil spill is the impact it may have on the financing of the many tourism projects that have sprouted along the Caspian Sea. Bordered clockwise from the North by Kazakhstan, Turkmenistan, Iran, Azerbaijan, and Russia, the Caspian Sea is one of the largest bodies of water and an object of strategic ambitions.

COVINGTON, La. (AP) — Scientists say the Gulf of Mexico spill has now leaked far more oil than the Exxon Valdez disaster – maybe even three-and-a-half times as much.

That makes the Gulf spill by far the worst in U.S. history.

The Obama administration said it will restructure the little-known agency overseeing offshore drilling, splitting is regulatory oversight duties from its lease management responsibilities – a joint task critics say is rife with conflict of interest.

WMR has been informed by sources in the US Army Corps of Engineers, Federal Emergency Management Agency (FEMA), and Florida Department of Environmental Protection that the Obama White House and British Petroleum (BP), which pumped $71,000 into Barack Obama's 2008 presidential campaign -- more than John McCain or Hillary Clinton, are covering up the magnitude of the volcanic-level oil disaster in t

Restaurateurs, hotel owners, fishermen and beachfront property owners watched and waited for the weather and ocean currents to choose where a bulk of the oil from a calamitous Gulf of Mexico spill would finally wash ashore.

Stubbornly high crude oil inventories continued to stymie bulls through the middle of the week, but the market seized on positive economic data to push prices higher toward the end of the week.

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