Oil giant BP saw its shares plunge to a seven-month low today as fears mount about the cost of the clean-up operation, following the massive oil spill in the Gulf of Mexico.
Shares fell 4.7% to 548.7p in early trading today and have now fallen over 15% since the oil leak, wiping millions of pounds off the firm’s value.
BP has been battling to contain the oil spillage after the Deepwater Horizon platform sank two days after a massive explosion on 20 April, which left 11 workers dead.
Thousands of barrels of oil have been leaking into the Gulf of Mexico every day since the oil rig sank and while some oil has washed ashore, officials say the bulk of the slick remains a few miles from the Louisiana coastline.
Today, BP said it had started drilling a new relief well to stem the flow of oil into the sea.
After visiting the site, US President, Barack Obama, told BP it will pay the bill for the clean up to which BP acknowledged it was “absolutely responsible” for the clean up operation.