Oil Rig Explosion in Gulf of Mexico

Approximately 42,000 gallons or 1,000 barrels of crude oil are pouring into the ocean every day since a British Petroleum (BP) oil rig exploded in the Gulf of Mexico. The Coast Guard stated that 48,000 gallons of oil-water mix have been collected from Thursday to Sunday off the coast of Louisiana. Authorities are still unclear as to what caused the April 22 explosion. The eleven missing crew members are presumed dead.

Efforts to stop the oil flow could take anywhere from 24 hours to 3 months. One method that will be tried is to place a large dome directly over the leaks to catch the oil and take it to the surface where it can be collected. This could potentially stop the oil in 24-36 hours. This tactic has worked in shallow water, but it might fail at 5,000 feet below the surface. Another method is to drill relief wells near the broken pipe which could take 2-3 months to stop the flow.

What are the short and long term impacts of this much oil spilling into the ocean and washing up on shore? How will BP clean up this mess? Could this alter plans to increase offshore drilling? Is this a rare incident or are accidents occurring frequently and going unreported? What does the oil loss mean for gasoline prices and other petroleum based products? Will worker safety be investigated, as was prompted by the coal mining accident that killed 29 workers?