BpOilDisaster

Hayward Says BP Was Not Prepared for Gulf Oil Disaster

Tony Hayward, former CEO of BP Plc (BP) said that the company was not prepared for the Gulf oil spill or the media attention that went with it. In an interview with BBC News to be broadcast today, Hayward said that BP%u2019s emergency planning was lacking and the company was "making it up day to day".

BP Decides to Pass on Greenland Drilling License

BP (BP) decided not to bid for a license to drill for gas off the coast of Greenland, a move that government officials say could have been influenced by the company%u2019s safety record in the wake of the disaster in the Gulf of Mexico. Premier Kuupik Kleist said Wednesday that safety records are key when approaching the licensing process, according to The Associated Press.

Gulf Disaster Is Largest Accidental Spill Ever, Research Shows

The oil spill in the Gulf of Mexico has spewed nearly 5 million barrels of oil into the ocean, making it he largest accidental spill into marine waters in history, new research shows. The spill from BP (BP)%u2019s ruptured Macondo well easily outstrips the previous record of 3.3 million barrels released into the Bay of Campeche by Mexico%u2019s Ixtoc I rig in 1979, The New York Times reported.

BP CEO Tony Hayward Gets Banished to Siberia

Embattled BP CEO Tony Hayward, whose penchant for verbal gaffes deepened the psychological wounds caused by the worst oil spill in U.S. history, will step down from the top job effective Oct. 1 to take over as head of BP's joint venture in Russia, TNK-BP.

Distressed Florida Banks Ask For Break From Capital-Raising

Florida banks are asking federal regulators for a break from government-ordered capital raising as they struggle with the impact of the real estate bust and the BP oil spill. Florida%u2019s top banking lobbyist sent a letter to the Federal Deposit Insurance Corp. Chairman Shelia Bair and Federal Reserve Chairman Ben Bernanke, asking that all local banks get a 12-month reprieve from higher capital requirements, loan appraisals and new regulatory sanctions, the Wall Street Journal reported.

'Death on the High Seas Act' Needs Fixing to Help BP Widows

BP can pay the family of a rig worker killed in the Deepwater Horizon explosion a mere $1,000 as compensation for the death thanks to the outdated Death on the High Seas Act. Congress has vowed to change the act, but it may not be as easy as they think.