May 30, 2010 / 10:46 PM / 9 years ago

FACTBOX-Developments in the Gulf of Mexico oil spill

May 30 (Reuters) - Here are developments in the Gulf of Mexico oil spill, the largest in U.S. history:

SPILL CONTAINMENT EFFORTS

* After BP Plc (BP.L) said the complex “top kill” maneuver to plug its Gulf of Mexico oil well had failed on Saturday, it is moving to the next option — the lower marine riser package cap, which will capture oil from the well rather than plug it.

* The company will know by the end of the week whether the new containment effort has worked, BP Managing Director Robert Dudley said Sunday on NBC’s “Meet the Press.”

* Government scientists estimated that cutting the riser pipe coming out of the blowout preventer to prepare for the next containment option could result in a temporary oil flow increase of up to 20 percent.

POLITICS

* President Barack Obama, in Chicago for the Memorial Day weekend, called the oil spill “as enraging as it is heartbreaking” after the top kill failed.

* Democratic lawmakers stepped up their calls for action. Congressman Ed Markey called the spill an “environmental crime” and Senator Mary Landrieu demanded BP invest $1 billion in wetlands protection.

* On Sunday, the president ordered government and contractor clean-up resources in areas affected by oil be tripled.

COMPANY NEWS

* Dudley said that he does not think BP CEO Tony Hayward, who has faced heavy criticism, should resign.

* BP’s total financial cost of the response to the disaster now stands at $930 million.

MARKETS

* Markets in the United States and the United Kingdom are closed Monday for the long holiday weekend. BP shares traded in London and New York could see a hit on Tuesday with the failure of the top kill. London-traded shares fell 5 percent on Friday on perceived delays in the top kill.

QUOTE OF THE DAY

* “This is probably the biggest environmental disaster we have ever faced in this country,” top White House energy adviser Carol Browner told “Meet the Press.” (Writing by Mary Milliken; Editing by Eric Beech)

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