gulf oil spill

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 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?

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.

BP Oil Spill Panel Calls for Reforms, Stronger Oversight

Oil industry practices and government rules must be subjected to substantial reform to prevent future accidents similar to BP's Deepwater Horizon oil rig disaster in the Gulf of Mexico last April, said a report released Tuesday by the presidential panel probing the incident.

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.

Former BP CEO Hayward Considers Career Options

Former BP (BP) CEO Tony Hayward is considering several career options since losing his job in the wake of the Gulf oil disaster. Hayward is involved in the formation of a small company registered as 3E Capital, The Daily Telegraph reported. Hayward is listed as a director in the company, holding 100 shares.

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.

Grainger's Global Supply Biz Still Looks Good

As the world's largest distributor of industrial and commercial supplies to major corporations, W.W. Grainger has been on a roll. Its stock has climbed from $58 in early 2009 to $120 now. And it could double again in the next five years.

Gulf Oil Spill Fund to Speed Up Payments to Victims

The $20 billion fund established to compensate victims of BP's Gulf oil spill has been criticized for processing claims too slowly. Kenneth Feinberg responded to those accusations Saturday, and said was implementing changes to make payments more quickly, and more generous.

Legal Briefing: Sex Discrimination Suits Hit Goldman, Tyson

Investment banks and chicken slaughterhouses don't have much in common, but evidently they both aren't the easiest places for women to make a living, based on the gender discrimination lawsuits filed against Goldman Sachs and Tyson Foods this week.

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."