oil rigs

Oil Price Soars on Supply Jitters

The price of oil rose more than 3 percent Tuesday on concerns about supplies from the Middle East and the North Sea.

Oil Companies Reap Billions in U.S. Tax Breaks

The oil industry is subsidized beyond virtually any other business in America, enjoying tax breaks that average $4 billion a year. The massive tax breaks reaped in BP's disastrous Deepwater Horizon project, which caused the worst offshore oil spill in U.S. history, are typical.

BP Used Cheaper, Riskier Well Design More Often

BP used a cheaper and riskier well design in more than one-third of its Gulf of Mexico deepwater wells -- significantly more often than most other big drillers in the area, according to The Wall Street Journal. The same design was used in BP's Deepwater Horizon rig.

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

BP can compensate the family of a rig worker killed in the Deepwater Horizon explosion a mere $1,000, thanks to the outdated Death on the High Seas Act. Congress has vowed to change the law, but the cruise line industry won't make it easy.

Oil and coal worker fatalities aren't worth limited energy savings

BP Profits Soar, But Oil Spill Fears Drive Shares Down

Profits at British oil giant BP surged 135% in the first quarter, but that good news didn't stop investors from unloading its stock for a second straight day, responding to uncertainty over the costs it will incur to clean up the rapidly expanding oil slick from the loss of a Gulf of Mexico drilling rig.