gulf of mexico

Midday Market Minute: BP, Gulf Coast Oil Spillers Face Day in Court

Nearly three years after a deepwater well rupture killed 11 men, sank a rig and spewed 4 million barrels of oil into the Gulf of Mexico, BP and the other companies involved are scheduled to face their judge in court. The trial is set to start Monday in New Orleans before a federal judge, but a settlement is possible.

AG Holder: $4.5 Billion Settlement Not the End of BP Oil Spill Probe

Two men who worked for BP during the 2010 Gulf oil spill disaster have been charged with manslaughter, hours after BP announced it was paying $4.5 billion in a settlement with the U.S. government over the disaster. U.S. Attorney General Eric Holder said the criminal investigation is continuing.

BP Sells Some Gulf of Mexico Assets for $5.55 Billion

Oil company BP said Monday it is selling some deep-water assets in the Gulf Mexico to Plains Exploration & Production Co. for $5.55 billion, a big step in the BP's drive to cover the cost of its oil well blowout in the Gulf two years ago and concentrate investment elsewhere.

BP May Face $21 Billion in Fines Over 2010 Gulf of Mexico Oil Spill

The Justice Department is charging BP with gross negligence for its reckless actions related to the Deepwater Horizon oil spill in the Gulf of Mexico. If the charges stick, BP could face fines up to $21 billion. Can the company survive such a financial and PR nightmare?

10 Surprising Brands That We're Starting to Love Again

Popularity can be fickle: One day America loves your brand; the next, you're passe. But every year brings some surprising rebounds, and you won't believe some of the companies that made 2012's list for most improved images in the eyes of U.S. consumers.

Why Gas Could Hit $5 a Gallon This Summer

If you think you're paying a lot at the gas pump now, just wait until summer hits. Stronger demand could lead to record gas prices as an economic recovery takes hold and turmoil in the Middle East sends the price of oil upward. How high? $5 a gallon isn't out of the realm of the possible.

Why BP Will Never Be Great Again

BP has big problems, and not just because of the Gulf of Mexico oil spill and the $20 billion compensation fund it set up to pay the victims. The petro-giant has been missing Wall Street's profit targets lately, thanks to sloppy operations and a general trend toward lower gasoline consumption.

Why Bank of America Will Never Be Great Again

Bank of America did the right thing this week, nixing its notorious $5 a month debit card fee before it began. But B of A can't win, and even now, financial journalists are wondering how it will find ways to nickel and dime its way back from this week's fee retreat at the expense of its customers.

As Katia Moves Toward the Gulf, Oil Rigs Shutter

Katia, still a tropical depression, is slowly moving toward the Gulf of Mexico, and several oil firms have begun to pull workers from offshore rigs. Depending on its path, the storm could further disrupt production and refining: Is Katia about to bump the price you pay at the pump?

Labor Day Road Trip? Try These 10 Cheap Gas States

As you hit the road for your final road trip of the summer, consider driving to one of the 10 states with the lowest prices on gas. Turns out, those sunny states also offer bountiful vacation options for the budget-conscious family.

Cuba's Deepwater Oil Could Be a Game Changer

The delivery of a Chinese-built, Spanish-backed offshore oil rig to Cuban waters has been delayed until summer. But when drilling does begin 90 miles off the Florida coast, it could mean a host of problems -- and opportunities -- on the energy and the political fronts.

BP Station Owners: Surviving a Debacle and Rebounding

During the height of the bad publicity from the BP oil spill, there was much speculation about whether independent gas station owners would ditch the beleaguered oil company's brand. By and large, though, that didn't happen, and in the months since the disaster, business at many BP stations has rebounded.

Oil Industry Plans Record Spending in 2011

One would think that BP's massive Gulf of Mexico oil spill this year would have given pause to the global oil industry, but that doesn't appear to be the case. Companies in the sector are planning to spend a record $490 billion in 2011, including a large amount for deep-water development.

BP Weighs Sale of North Sea Assets to Cover Gulf Costs

BP is apparently considering the $1 billion sale of some of its assets in the North Sea as it tries to cover cleanup costs from the Gulf of Mexico oil spill. The company's Macondo well in the Gulf of Mexico exploded in April, leading to the most massive oil spill in U.S. history.

Obama Temporarily Bans Some New Offshore Drilling

The Obama administration will temporarily ban the sale of new offshore oil drilling leases in the eastern Gulf of Mexico and off the Atlantic coast, Interior Department Secretary Ken Salazar said Wednesday, a policy change made in response to lessons learned from BP's horrific Deepwater Horizon oil spill.

Exxon Mobil Sells $1 Billion of Gulf of Mexico Assets

Exxon Mobil Corp. (XOM) sold nine U.S. Gulf of Mexico oil and natural gas stakes to Energy XXI in a deal worth $1.01 billion. The assets produce about 20,000 net barrels of oil a day, The Wall Street Journal said. They contain net proved and probable reserves of 66 million barrels of oil equivalent (BOE), of which 61% is actually oil.

White House Kept a Lid on Oil Spill's Worst-Case Scenario

The White House blocked government scientists' efforts to disclose the worst-case environmental scenario related to the April 20 explosion of BP's Deepwater Horizon rig, the Associated Press reported Wednesday, citing a panel appointed by President Barack Obama to examine the spill.

BP's Oil Well Near Death, But Disaster Not Over

The impending death of BP's blown-out oil well will bring one piece of the catastrophe that began five months ago to an anticlimactic end. But it is an important milestone for the still-weary residents of the Gulf Coast.

BP Relief Well Reaches Macondo Well

BP's (BP) relief well reached intercepted the Macondo well, putting engineers in a position to permanently plug the well that spewed out millions of barrels of oil into the Gulf of Mexico.

Rig Fire Shows Gulf Oil Spill's Lessons Are Being Ignored

No one died in the second major Gulf of Mexico oil rig mishap this year, and the fire aboard the Mariner Energy platform didn't lead to a spill. But that doesn't make it a win for America: More like a wake-up call that safety is still being given short shrift by the oil industry.

BP Says "Multiple Companies" Responsible for Gulf Oil Disaster

A report by BP (BP) says that "multiple companies and work teams" are responsible for the Gulf oil disaster that killed 11 workers and spewed out millions of gallons of oil into the ocean. "It is evident that a series of complex events, rather than a single mistake or failure, led to the tragedy," outgoing CEO Tony Hayward said in a statement. "Multiple parties, including BP, Halliburton and Transocean, were involved."