Oil spill aside, US energy security will suffer if BP goes under or is significantly reduced in size.

The BP Plc oil spill in the Gulf of Mexico will push up the price of insurance on offshore drilling, said Lloyd

A New Orleans federal judge lifted the six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in US history. Drilling services shares jumped on the news.

The massive oil spill in the Gulf of Mexico down south is the worst environmental disaster America has ever faced, US President Barack Obama has said. 'This oil spill is the worst environmental disaster America has ever faced. And unlike an earthquake or a hurricane, it is not a single event that does its damage in a matter of minutes or days,' Obama said in his address to the nation.

In the form of non-woven cotton carbon absorbent wipes

Houston: As British Petroleum struggles to contain the oil spill in the Gulf of Mexico, an Indian-origin scientist from Texas University has created a special cotton fabric that can clean up crude oil up to 40 times its weight and help in cleaning efforts.

Ethnic Uzbeks try to extinguish a fire in a burning residence torched by mob in Jalal-Abad, Kyrgyzstan, on Sunday. PHOTO: AP

US President Barack Obama will press BP executives this week to set up an escrow account to pay damage claims by individuals and businesses hurt by the Gulf of Mexico oil spill disaster.

President Barack Obama wants BP Plc to set up an escrow account to pay the claims for damages caused by its oil spill in the Gulf of Mexico, White House advisor David Axelrod said.

As much as 40,000-plus barrels of oil per day are pouring from BP's ruptured well in the Gulf of Mexico, a US official has said, more than doubling the previous government estimate.