Exploratory Rig News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Collapsing as did bp's deep water horizon rig 2 1/2 years ago. black he will o'clock energy sent this showing the section of pipe being cut when the fire started. >> the oil, the platform was confirmed shut in before -- before they started work. nonproduction platform at the time. >> several of those workers medivaced to la will being treated for severe burns and the latest word from the coast guard, they are still searching for the two missing workers. >> i read this is a far different type of operation than the deep water horizon. >> yeah, very different. same gulf of mexico, the one is shal...

We're dealing with 3,000 pounds of water pressure. so they've got quite a chore on their hands just to build this box in an attempt to make it work and i'm very confident that they will have a lot of success with this box. >> so this was an exploratory rig and was not prepared to handle any kind of a leak or mishap at that depth. fair enough? >> well, we don't expect to have leaks. everything's supposed to work. >> everything's supposed to work. all right. give us your professional opinion. 30 days, 60 days, 90 days, how long will this leak go on? >> he will work the difficult thing is getting...

At the pump and analysts say if the u.s. were to shut down gulf oil production in light of the disaster, everyone will pay the price. fox business correspondent present da buttner joins us now. the gulf accounts for -- brenda buttner joins us now. the gulf accounts for a third of our gas, and will the price goes up even if we don't shut down the rigs. >> yes. i believe they will. the question is, how much. i can tell you that our analysts here, chief analyst who made a lot of money in oil commodities markets, eric boling, thinks that gas prices are going to go up to $5 a gallon. the issue is n...

At stake. >> critics are urging the president to abandon his plan for offshore drilling all together, including a prominent democrat from florida. major garrett is live at the white house. what's the status of the administration policy as it relates to expanded offshore drilling. >> it will be on hold until two things are known. one, what was the cause of this explosion on this exploratory rig. it's important to note it was an exploratory rig so there are no immediate price implications. number two, what kind of things may other exploratory rigs or deep sea rigs need to make sure, if there's a...

New offshore areas for drilling. he's undergone a lot of criticism for that. appeared in the rose garden yesterday and had this to say about that idea. >> i continue to believe domestic oil production is an important part of our overall strategy for energy security. i've always said it must be done responsibly for the safety of our workers and our environment. the local economies and livelihoods of the people of the gulf coast, as well as the ecology of the region are at stake. >> there's been a lot of back and forth over the last 24 hours. bp, british petroleum, the company in charge of this ...