New evidence indicates barely known decade-old Gulf oil leak is far worse than reported

MarketsAssociated Press

The company responsible for a decade-old oil leak in the Gulf of Mexico has downplayed its size and shrouded its work in secrecy. But an Associated Press investigation has revealed evidence the Taylor Energy spill is far worse than what it — or the federal government — has publicly reported.

Presented with AP's findings, the Coast Guard provided a new leak estimate about 20 times greater than one the company recently touted. Outside experts say the spill could be one of the largest ever in the Gulf.

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Taylor Energy has spent tens of millions of dollars to contain and stop its leak but says nothing can be done to completely halt the sheens.

The company has presented federal regulators with a proposed "final resolution," but details remain under wraps.