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BP Oil Spill Driving BP Stock Down

(BP story updated with BP America president's description of company's action plan for tackling oil spill and stock price movement.)

NEW YORK ( TheStreet) -- The vast Gulf of Mexico oil spill that it wreaking havoc on BP's (BP - Get Report) reputation is worsening each day, as clean-up crews struggle to contain a leakage of about 200,000 gallons of oil each day in what could take months to accomplish; the tragic environmental damage is growing ostensibly worse each day, as dead sea turtles begin washing on shore.

Meanwhile, shares of BP continue to plummet.

As President Barack Obama made his way down to the Louisiana coast on Sunday to assess the damage done to the eco-system and local economy there, BP America's president Lamar McKay, speaking from the company's Houston headquarters, told ABC News that BP is "aggressively" working with the government to carry out effectively "three fronts of attack" to clean up the mess.

Those approaches include stopping the source from flowing; working a collection system sub-sea to channel the flow into a processing system that can be controlled at the surface; "dealing aggressively" with the spill offshore; as well as dealing with the clean up and impacts on shore, if the oil touches the shore.

In a written statement, BP chief Tony Hayward said on Sunday, "I agree with (President Obama) that the top priority right now is to stop the leak and mitigate the damage. I reiterated my commitment to the White House today that BP will do anything and everything we can to stop the leak, attack the spill offshore, and protect the shorelines of the Gulf Coast."

"Our teams are working hand-in-hand, and we look forward to hearing more recommendations for action from the president's visit today."
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