The explosion at the Deepwater Horizon oil...
The resulting oil spill is spreading rapidly, and is about to reach the southern coast of the United States, a region whose economy is almost entirely based on tourism. This could cause more than 150,000 people - fishermen, employees at hotels and restaurants - to lose their jobs.
British Petroleum, which owns the rig and is now to blame for the 700 metric tons of oil leaking into the Gulf of Mexico every day, will suffer huge losses as well. In addition to losing a $350 million drill rig, the company"s stock plummeted 12%, pushing its market value down by $23 billion. On top of that, the company may be facing $4.6 billion worth of lawsuits. However, what worries international economists is not the future of the British company, but repercussions of the Deepwater disaster on the global market for black gold.
The market was quick to react; speculators immediately took advantage to try to increase oil prices. On May 3, the OPEC oil basket closed at $84.36 per barrel, up
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