BP's shares fall to a 13-year low

By Phaedra Friend Troy

Following the oil spill in the Gulf of Mexico, BP (NYSE: BP) continued falling on the stock market, hitting a 13-year low overnight. 

For comprehensive coverage of the accident in the Gulf of Mexico and efforts under way to contain the oil spill, visit PennEnergy's Oil Spill in the Gulf of Mexico special section.

According to Reuters, BP shares opened in London Thursday 11 percent lower before recovering some to trade at 7.3 percent lower.

The company released a statement saying that it “is not aware of any reason which justifies this share price movement,” going on to stress its efforts to control the oil spill in the Gulf of Mexico and its transparency doing so. 

BP has recently found some success in containing the oil spilling from the Macondo well in the deepwaters of the Gulf of Mexico. The LMRP oil spill cap has been ramping up collection of hydrocarbons, collecting 15,000 barrels of oil and 29.4 million cubic feet of natural gas on June 8 alone.

The drop in BP’s shares is attributable to statements that US Interior Secretary Ken Salazar made, reports Reuters.

Salazar said that BP will be responsible for paying laid-off workers due to the drilling moratorium he announced for the Gulf of Mexico.

Experts warn that the US government will be left with the bill should governmental officials continue to villainize the company into bankruptcy. 

BP stressed that it “faces this situation as a strong company.”

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