Over the weekend there was a sizable oil spill off Guarello Island near Chile. The 40,000 liter spill was reported to the Chilean Navy on Saturday, July 27th by the Chilean mining company, CAP. The navy dispatched a pollution response and control team immediately in attempt to contain the spill. By the next day, they reported that about 15,000 liters of contaminated water had been contained.
While there is no clear cause of the spill yet, CAP has agreed to fully cooperate in the investigation that was launched by the Chilean Government. Along with their cooperation, CAP has committed to increasing their monitoring of this area above the required standards.
This spill could have a major impact on this pristine area of the world with it being off the coast of the Patagonia region of South America. This area is home to a vast range of ecosystems as well as rare and endangered species. The situation is still developing and it remains to be seen how this could impact global markets if at all.