Secret Oil Spill Could Become Largest in America’s History

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By Douglas A. McIntyre Updated Published
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Secret Oil Spill Could Become Largest in America’s History

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A series of leaks from oil wells in the Gulf of Mexico would together create the largest oil spill in U.S. history. The sum total of these crude leaks is up to 300 to 700 barrels a day.

According to The Washington Post, the problem goes back to 2004 when a drilling platform owned by Taylor Energy sank during Hurricane Ivan. The Post says that the total volume of the leaks could top that from the BP Deepwater Horizon, a disaster triggered by a platform explosion on April 20, 2010. The well was not capped until July 15. By BP’s estimate, it paid out nearly $8 billion in claims due to the incident, which fouled water through much of the Gulf and shorelines from Louisiana to Florida.

The Post said the leaks might go on for years: “Many of the wells have not been capped, and federal officials estimate that the spill could continue through this century.”

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The Louisiana Environmental Action Network has accused Taylor Energy of a cover-up. In 2015, the organization sued the oil company via the Tulane Environmental Law Clinic and the National Environmental Law Center. Taylor agreed to host public forums to answer questions about the leak. Apparently, these did little to cast light on the problem. The Louisiana Environmental Action Network reported in 2015 that:

As a key part of the settlement agreement, Taylor Energy agrees to provide information about the spill since it started in 2004 and open public access to information on an ongoing basis. For the first time in more than a decade Taylor Energy will publicly disclose what it has done to stop the oil leak. The settlement agreement bars Taylor Energy from continuing to broadly object to the release of information about the leak and its efforts to contain it.

Hardly enough disclosure for a series of leaks that could go on for another eight decades.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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