Oil industry analysts fear that Tuesday night's enormous oil rig explosion that left 17 injured and 11 missing may put a dent in President Obama's plans for offshore drilling. The explosion took place on the Deepwater Horizon oil rig, 50 miles off the Louisiana coast in the Gulf of Mexico. The gulf has become a hot spot for oil exploration as of late. Last month, Obama proposed opening drilling to areas near the eastern Gulf of Mexico, where drilling activity was previously banned. One analyst asked of the oil rig blowout, "Is there a domino effect from this?... "It seems like there would be some collateral damage." The explosion could also prompt a tightening of and increase in safety regulations. Rescue teams are still searching for the missing workers, which could potentially be one of the deadliest offshore drilling accidents in the past 50 years. The precise cause of the explosion is still being investigated, but the vice president of the company that owns the rig said that the blast may have been a blowout, which occurs when oil or natural gas emerges through a well pipe and destroys equipment. The rig was contracted by BP and was doing exploratory drilling.
TOP 10 RIGHT NOW