Oil Spill Worsens: Update as of May 1st (NYSE:BP),(NYSE:RIG)

BP Plc (NYSE:BP) and Transocean LTD (NYSE:RIG) shares continue to plunge, during the past five trading session the loss racked up to -13% for BP and -20% for RIG shares.

(BBC) Criticism of BP is mounting in the US over its handling of the huge oil spill in the Gulf of Mexico.

Homeland Security Secretary Janet Napolitano urged BP to commit more resources to tackling the catastrophe.

Critics of the British oil giant also include President Barack Obama, who is due to travel to the region on Sunday to assess efforts to contain the spill.

The sprawling oil slick has begun washing up on the Louisiana coast and is threatening three other states.

Up to 5,000 barrels of oil a day are gushing into the sea after the BP-operated Deepwater Horizon rig exploded and sank last week.

BP's chief executive Tony Hayward is flying to Louisiana later to personally oversee the emergency mop-up operation.

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SOURCE: http://news.bbc.co.uk/2/hi/americas/8655683.stm