In the months that followed BP’s devastating Deepwater Horizon spill in the Gulf of Mexico in April 2010, one of the biggest mysteries was what happened to the 200 millions gallons of spewed black crude.
It could all be over before it even began. The boom could turn to bust before a well is even drilled. The British fracking industry now faces growing resistance from numerous influential voices.
As Americans listen to their President tonight give his sixth annual State of the Union address, many people will be eagerly awaiting to see if he says anything about what has become one of the biggest political headaches of his Administration: the controversial Keystone XL (KXL) pipeline which will transport dirty tar sands from Canada to the US.
It is hard to believe but it is nearly five years since BP’s reckless behaviour caused arguably America’s worst environmental disaster.
Just how low can the oil price go? What was unthinkable even a few months ago is now becoming distinctly probable, even likely. As analysts dissect the ramifications for the oil industry of $40 dollar barrel, oil traders are now thinking that the price of crude will halve that to a staggering $20 a barrel. Prices have not been that low for twenty years.
