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The massive oil spill from an oil well in the Gulf of Mexico could have a huge impact on the Louisiana coastline, but the financial impact to BP may be limited, according to Fitch Ratings. The overall costs could go over $3 billion, but insurance will most likely cover most of BP’s costs.
All new offshore oil projects have been put on hold by the White House until safeguards to prevent oil rig explosions can be put in place.