April 30th, 2010
09:17 PM ET

Oil spill may threaten offshore drilling plans

The ever-growing oil slick in the Gulf of Mexico may threaten more than the environment. It will make it significantly harder to open up more coastal areas for oil drilling.

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April 30th, 2010
09:04 PM ET

Gulf of Mexico oil spill could cost BP $3 billion or more

There are a lot of uncertainties right now about the Gulf oil spill. But one thing is clear: In addition to the intangible loss of wildlife, it's going to cost BP a lot of money.

Under current law an oil well's owner is responsible to foot the bill for the entire cost of clean up in the event of a disaster. In this case that includes BP and minority partners Anadarko and Mitsui.

Clean up costs are currently running about $6 million a day, according to BP. Those include the cost of running the remote submarines that are trying to close the well, the drilling rig that's needed to permanently cap the well, and the boats corralling and removing the oil from the water.

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April 27th, 2010
08:21 PM ET

Feds may set Gulf oil slick ablaze

Coast Guard officials are considering setting the Gulf of Mexico oil slick on fire as it moved Tuesday to within 20 miles of sensitive ecological areas in the Mississippi River Delta.

Officials say it could become one of worst spills in U.S. history.

Oil is still leaking at a rate of about 42,000 gallons a day from the well, located some 50 miles off the coast of Louisiana beneath a drill rig that exploded and sank last week. Eleven workers are still missing following the incident, and are presumed dead.

BP, the well's owner, is racing to shut off the well using eight remote controlled submarines, but has had no luck as of yet.

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