"Estimate of Spilled Oil Goes Up, and BP Stock Price Goes Down"

"The stock price of BP plunged more than 15 percent Wednesday to a 14-year low as it became increasingly clear that the amount of oil spewing out of the Deepwater Horizon well is substantially greater than the company or the federal government initially estimated.

Coast Guard Adm. Thad W. Allen, head of the government's spill response, said that BP collected 15,000 barrels of oil (630,000 gallons) from the blown well on Tuesday but that significantly more was escaping the containment cap into the ocean. Allen said the company is moving a "mobile drilling unit" to the site that will increase the receiving capacity to 28,000 barrels (almost 1.2 million gallons) a day.

The quantity of oil spilling into the Gulf of Mexico has been the subject of speculation and controversy for weeks."

Marc Kaufman reports for the Washington Post June 10, 2010.

BP stock opened down another 4 percent today.

Thursday, June 10, 2010