Gulf of Mexico spill 'could have wider implications' for oil industry

There could be a number of wider implications for the oil industry following the recent Transocean drilling rig fire and oil spill.

Last month, the platform caught ablaze and then sank, leading to the death of nine of the company's employees and two contractors.

John Miles, spokesperson for the UK Industry Task-Force on Peak Oil and Energy Security, said the incident could cause a number of problems in the short term.

He remarked: "If the current leakage is not stopped properly, there is likely to be a massive outcry against the environmental risk of drilling in extreme locations and operations may get suspended."

According to Mr Miles, this would be a huge problem for oil majors who are increasingly relying on this avenue for their future production processes.

Ultimately, this may cause prices at petrol stations to rise rapidly, he explained, although it may lead to a greater awareness of oil shortage concerns.