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30 Jul, 2010 05:28

BP sinking in the oil spill

The impact of the BP oil spill in the Gulf of Mexico has been as disastrous to the firm's finances as it has to the environment.

The crisis has forced BP's CEO to step down, brought $20 billion in losses already, and forced the sale of assets to pay for the clean-up and compensation claims.

There is now some debate over just how bad the environmental impact will be.

Some scientists believe the effects will be felt for decades, while there is some evidence that the leak is being cleared from the surface of the water much faster than expected.

Time Magazine's senior correspondent Michael Grunwald thinks exaggerating the damage is a way for some to promote their individual agendas.

“Just about everyone has called this the worst environmental disaster the US has ever faced. And I went down to Louisiana last week assuming that. But there just doesn't seem to be enough evidence for that,” Grunwald told RT.