gulf oil spill

Why the Latest Oil-Rig Fire Is No BP Oil Spill Repeat

The news of a fire on a Mariner Energy-owned oil-rig platform in the Gulf drew instant comparisons with the Deepwater Horizon rig that exploded in April and caused the huge BP oil spill. But stark differences exist between the two incidents.

Second Oil Rig Explosion Reopens Drilling Ban Debate

Another oil rig explosion in the Gulf of Mexico Thursday gave fresh urgency to the debate over the Obama administration's moratorium on deepwater oil drilling. Environmental groups renewed their calls to maintain or expand the ban; advocates for removing it were more circumspect.

Brazilian and Chinese Tourists Rediscover America

Brazilian and Chinese visitors led a resurgence in foreign tourism spending within the U.S. in the first half of 2010, giving hope to domestic hoteliers, airline companies and others that the travel-spending slump of 2008 and 2009 is over, according to a report released Wednesday.

Is Transocean to Blame for
the Gulf Oil Spill?

Though BP has taken the brunt of the blame for the Gulf of Mexico oil spill, the Deepwater Horizon oil rig that exploded was owned by Transocean, and as investigators delve deeper into what happened on April 20, they're focusing more on Transocean's maintenance of the rig.

A Tough First Day for Oil Spill Claims Czar Feinberg

Kenneth Feinberg, who was jointly selected to be the new oil spill claims czar by the White House and BP, spent his first official day on the job Monday taking heat over the guidelines he has established for claims against the fund BP set up for victims of the Gulf of Mexico disaster.

Transocean Says It Addressed 90% of Safety Issues Before Gulf Spill

Transocean (RIG), owner of the Deepwater Horizon rig that exploded on April 20, said Monday it had addressed 90% of the recommendations made in a BP (BP) audit before the accident. "Overall rig maintenance aboard the Deepwater Horizon met or exceeded regulatory and industry standards and, according to documents and testimony today by BP%u2019s own executives, the rig was found to be fit, strong and prepared for operations in the Gulf," Transocean told the Financial Times.

Gulf Oil Spill: BP and Feds Too Close Together?

Behind the government's tough talk about BP over the oil spill, it worked closely with the company to clean up the leak. Now, many worry BP could get away with a slap on the wrist from its behind-the-scenes partner.

BP Spill Created Giant Underwater Oil Plume

Scientists say they found a massive 22-mile long oily plume underwater created by the BP oil spill. The 1.2-mile-wide, 650-foot-high oily soup provides some clues to where the crude has gone as surface slicks shrink and disappear.

BP May Decide Today to Move Ahead With Bottom Kill

BP (BP) and U.S. authorities may make the decision today to move ahead with the so-called bottom kill operation to finally seal the ruptured Macondo oil well in the Gulf of Mexico. The bottom kill would be a four-day process of pumping cement into the well from below, closing it off from the reservoir of oil that feeds it. The well has already been sealed from the top.

Alabama Sues BP, Transocean, Halliburton over Gulf Oil Spill

Alabama Attorney General Troy King filed two lawsuits in federal court in Montgomery late Thursday afternoon on behalf of the state. The lawsuits -- one against BP and the other against Transocean, Halliburton and other companies associated with the spill -- seek economic and punitive damages. No specific amount was listed.

Tropical Depression Delays BP Relief Well in Gulf of Mexico

Bad weather delayed work on the final feet of the relief well that is intended to permanently fix BP%u2019s (BP) ruptured oil well in the Gulf of Mexico. A tropical depression is heading for the site from a position off the coast of Florida, and it is expected to strengthen and become a tropical storm today, The Associated Press reported.

Mexico Delays Drilling Country's Deepest Oil Well

Mexico%u2019s state-owned oil company will delay drilling its deepest-ever well in the Gulf of Mexico while it tests new equipment. Petroleos Mexicanos, known as Pemex, will try out a new exploratory deepwater rig on a prospect that%u2019s 700 meters (2,300 feet) deep, Bloomberg News reported. Once the company is satisfied, the rig will be used to drill the 2,600 meter deep Maximino well by April. That%u2019s five months later than originally scheduled.

Displaced Gulf Coast Pets Will Find New Homes in N.J.

Pictures of oil-soaked birds and sea creatures are the public image of the BP oil spill. But they aren't the only animals affected: The economic catastrophe in the Gulf Coast region has forced people to surrender dogs and cats in droves because they can no longer afford to care for them.

House Votes to Lift Oil Spill Liability Cap

A bill that passed the House of Representatives on Friday would, among other things, eliminate the $75 million cap on liabilities related to oil spills. The overhaul of the nation's offshore drilling regulations would require oil companies to pay the full cost involved with any spills.

Legal Briefing: Ex-Enron Chief Jeff Skilling Seeks Bail

In the wake of Supreme Court ruling that restricted the use of the "honest services" statute as a basis for fraud convictions, former Enron CEO Jeff Skilling has joined the queue of high-profile corporate convicts asking for bail pending their fraud appeals.

Legal Briefing: BP's Partners Will Negotiate on Oil Spill Bills

Mitsui Offshore Exploration and Anadarko Petroleum, BP's partners in the Deepwater Horizon well, now refuse to share in the liability for the Gulf oil spill, saying BP's gross negligence frees them from liability. But before the issue goes to arbitration, they're going to try to talk it out.

Legal Briefing: Ratings Agencies Try to Avoid Lawsuits

Now that credit rating agencies can be sued for issuing inflated ratings, they're refusing to allow their ratings to be used to sell bonds. Unfortunately, since some types of bonds are required to have such ratings, those parts of the bond market are shutting down.