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The vessel, the Prestige, was reported to have been about 250 kilometres (150 miles) from the Spanish coast when it broke up.
Most of the crew were evacuated after the tanker began taking on water during bad weather last week.
What happens now?
There are various and varying predictions as to what will happen to the oil left on board.
If the remaining tanks hit the bottom intact, it could be some time before they rupture and leak oil. Even then, at low temperatures the heavy fuel oil will be quite viscous and may be unlikely to reach the surface as a slick. Nevertheless, out of sight must not mean out of mind. There may well be impacts from releases of the oil beneath the sea over time.
The impacts on coastal ecology and communities are already substantial. The costs of the clean up will be enormous. In seeking liability and responsibility, we have to make sure it is not just the Captain who is in the dock, but those responsible for the registration, running and chartering of this vessel and ultimately the oil industry for once again being at the root of the problem.
The danger of oil is not limited to spills
This latest accident reminds us of the inherent dangers of fossil fuels. Oil may be an enviornmental catastrophe when it spills, but it's no less a catastrophe when it arrives safely. In addition to the pollution caused by oil's extraction, transport and use, fossil fuels are causing climate change, the worst environmental problem we face today.
We must phase out of the use of oil and move towards clean renewable energy that can meet our needs without threatening our environment, now and into the future.
Learn more about moving toward a clean energy future.
The shipping industry can take action to avoid spills
Greenpeace, the International Transport Workers Federation, and WWF have written a joint appeal to UN Secretary General Kofi Annan to convene a special task force. The task: close the loopholes in maritime law that allow sub-standard ships and shipping practices to continue on the high seas.
Chief among the targets for international action must be the "flags of convenience" -- countries which license ships to operate without regard for the safety of their crews or the protection of the environment.
There are several international bodies which set health and safety standards for the shipping industry internationally. But as long as those regulations are only enforced at the national level, "Flag of Convenience" states will continue to offer a way around international law.
You can read the text of the joint letter here, and add your voice to demands that the International Maritime Organisation improve the transparency and accountability of the shipping industry at our take action against oil page.