A ferry carrying 140 passengers has crashed into a pier on the main island of Gran Canaria, prompting an oil spill. But local authorities said emergency response teams tackled the spill "in record time."
Image: picture alliance/dpa/R.Harding
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Spanish authorities on Saturday launched an emergency plan to contain a three-kilometer (two-mile) oil slick caused by a ferry slamming into underwater fuel pipes in the Canary Islands, the regional government said in a statement.
Canary Islands President Fernando Clavijo said emergency response teams have "managed to tackle the spill in record time."
"We will continue to work on the spill and we hope that it has evaporated before Monday. Technicians do not believe it poses an environmental danger," Clavijo said in a tweet.
On Friday, the ferry suffered a technical glitch, causing the power to cut out.
As seen in local media footage, the vessel crashed into a pier where pipes were located. The pipes leaked oil into waters surrounding the towns of Las Palmas de Gran Canaria and Telde, according to the regional government.
Apart from minor injuries, none of the 140 passengers were seriously injured, said operating company Naviera Armas. The company added that the ferry eventually docked and passengers were hosted in local hotels.
Environmental activists have warned of the severe consequences of oil spills, especially in bodies of water, saying they destroy aquatic life.
"The industry's global track record shows that where oil is drilled, blowouts and oil spills are a fact of life. Spills sicken and kill and are especially disastrous in water, where it's extremely rare to recover more than 20 percent of the oil spilled," Greenpeace said on its website.
Hit hard by sinking oil prices
Prices for crude oil are reaching new lows almost daily due to oversupply and unease over the global economy. Some countries have been hit harder than others.
Image: picture-alliance/dpa/W. Hong
A great, big hangover
Even Norway isn't immune to the falling price of oil. For years, the wealthy Scandinavian nation had fueled its rapid growth with the oil it pumped out of the North Sea. But what once transformed a poor agrarian state into one of the richest countries in the world now has policymakers wondering if it wouldn't be wiser to allocate more resources to Norway's fishing industry.
Image: picture-alliance/dpa/O. Hagen
Double trouble
For Russia, the falling price of oil has added insult to injury as its economy is already reeling under Western sanctions. In 2015, economic output in the country shrunk by around 4 percent. As a result, salaries have dropped and the ruble has lost half of its value against the dollar. The news service Bloomberg estimates that 2016 will be another recessionary year for Russia.
Image: Getty Images/AFP/A. Druzhinin
An uncertain future
Nigeria is Africa's largest producer of oil. Before being elected president, Muhammadu Buhari announced that he would increase government spending - but the drop in the price of oil may make that promise impossible to fulfill. The World Bank estimates that three-quarters of the Nigerian state's revenues come from the oil business. Many infrastructure projects are currently on hold.
Image: picture-alliance/dpa
New realities
Nigeria's not the only country that calculates its budget based on the price of oil staying high. The result has been a big gap between expected and actual revenues. The price for a barrel of oil has dropped by nearly 75 percent since mid-2014. Many experts currently have little reason to believe the per-barrel price will return to its old level of $120 (110.76 euros) anytime soon.
After sanctions
Now that sanctions against Iranian exporters have been lifted, the Islamic Republic plans to ramp up its oil production by half a million barrels a day - putting further pressure on an already oversupplied energy market. Iran, for its part, blames its archrival Saudi Arabia for falling oil prices.
Image: picture-alliance/dpa/A. Taherkenareh
Less giving, more taking
Saudi Arabia has refused to curb oil output in order to protect its market share from competition from the US fracking industry and Iran. But now, even the world's largest oil exporter is starting to get a taste of its own medicine. The International Monetary Fund is warning about a massive impending budget deficit. The Saudis want to introduce taxes and slash energy and food subsidies.
Image: picture-alliance/dpa/P. Grimm
How long will reserves last?
Like their Saudi counterparts, other oil-rich Gulf statessuch as Qatar, Oman and the United Arab Emirates are also watching their energy reserves dwindle. These regional powers all boast large sovereign wealth funds - but altogether, the six Gulf states have already accumulated a budget deficit worth $260 billion (239.8 billion euros), according to estimates by JP Morgan Chase.
Image: M. Naamani//AFP/Getty Images
Winds of change in Venezuela?
Venezuela has the largest oil reserves in the world. For years, the country's socialist government used revenues from the sale of oil to fund its lavish social programs. Now, President Nicolas Maduro has declared a state of emergency for the Venezuelan economy. Popular support for the successor to Hugo Chavez has been slipping for about a year - about as quickly as the price of oil has dropped.
Image: Reuters
What now?
Thanks to a boost in shale gas extraction, aka fracking, the US is now the world's largest energy producer. Low oil prices, however, have made fracking widely unprofitable. The US is also one of the largest consumers of energy in the world. While motorists may celebrate having to spend less money at the pump, bigger, gas-guzzling vehicles are gaining in popularity - bad news for the environment.
