Description: This is
a VOA Special English Economics Report.
See text below
Text:
BP is one of the world's largest energy companies.
It reported a profit of about six billion dollars in
the first three months of this year. That was more
than double compared to a year ago. Now, BP faces
growing political pressure over the worst oil spill
in American history. Oil has been flowing from its
damaged well in the Gulf of Mexico since April. But
the company formerly called British Petroleum also
faces growing financial pressure. Investors fear the
long-term costs for cleanup, recovery and fines.
BP's market value fell more than sixty billion
dollars as its share price fell by as much as a
third. On June third, BP was finally able to cut a
damaged pipe at the well using robotic vehicles. The
cut was not exactly as hoped, but it was progress.
Crews then turned to placing a cap over the pipe --
not to stop it, but to direct at least some of the
oil to ships on the surface. The leak is about one
thousand five hundred meters under the sea. Yet it
may not be fully controlled before August. Workers
are drilling two relief wells in an effort to ease
pressure on the damaged well. President Obama
returned to the Gulf for his third visit since the
disaster began. The Deepwater Horizon, an oil and
gas drilling rig, exploded on April twentieth. In
June, Attorney General Eric Holder announced
criminal as well as civil investigations. He said:
"The Department of Justice will ensure the American
people do not foot the bill for this disaster and
that our laws will be enforced as much as possible."
By some estimates, the cost of the cleanup could
reach thirty-seven billion dollars. The owner of the
rig, the Swiss company Transocean, has asked to have
its responsibility limited to twenty-seven million
dollars. The request is based on a law from eighteen
fifty-one. But the Justice Department says that is
not enough. The government could also use violations
of other federal laws such as the Clean Water Act to
collect money for the spill. Oil has already reached
more than one hundred kilometers of coastline in
Louisiana, Mississippi and Alabama. And it threatens
the west coast of Florida. Areas of the Gulf have
been closed to fishing. But job losses in the
fishing industry are not the only worry. The
Atlantic hurricane season officially began June
first. Some people worry that officials could take
their land if it becomes polluted by oil in a storm.
And that's the VOA Special English Economics Report.
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Hi. I
personally reviewed this video and found it appropriate for
the news section of English Global Group. This
is a Voice of America video which covers an interesting
topic in Special English. I would appreciate some feedback from both
students and teachers about this video. You can comment in
the window below using any of a number of different services
including Facebook, Yahoo, AOL, and Hotmail.
