Big oil companies have said that increased oil drilling and oil refining capacity are necessary for a reduction in the price of oil. Nonetheless, here we are with a significant, rapid decrease in the price of oil without those conditions. How has it happened?
13 percent of the spilled oil went down to the sea floor – that’s something like 1,430,000 gallons. 220,000 gallons of the oil went onto the beaches, and according to NOAA, a great deal of that oil is still there, leaching out into the waters of Prince William Sound to this day.
A spill estimated to be between 10 and 20 tons of crude oil has taken place at an oil rig near the Shetland Islands. Spill, baby, spill!