BP’s share price tumbles as oil continues to spill

BP’s share price is at its lowest level for over a year in response to the negative impact generated by the ongoing oil spill in the Gulf of Mexico. Shares fell by 13% on Monday before closing at £4.30.

In a knock-on effect pension funds in the UK are also counting the cost of the disaster, with many major shareholders investing in the firm. In fact, it has been muted that if BP’s share price continues to fall, it could be a potential takeover target for other global oil companies.

In response to the huge quantity of oil still leaking into the sea off the Gulf of Mexico coastline, BP have stepped up their current containment strategy by using double the initial amount of floating booms. The length of the boom is now estimated to reach an astonishing 3.7 million feet. It is hoped that as a consequence more oil can be collected from the surface of the water and hence damage to the surrounding environment can be minimised.

We hope to bring you news on whether BP’s latest containment device has worked over the coming days.