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.
BP said Thursday that it will pay $4.5 billion in a settlement with the U.S. government over the massive 2010 oil spill and will plead guilty to felony counts related to the deaths of 11 workers and lying to Congress.
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.
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.
Seven companies involved in the oil and gas industries will pay the U.S. government a total of $236.5 million to settle corruption charges. An investigation by the SEC and the Justice Department alleges that the companies bribed overseas officials to lower customs duties, extend drilling contacts and streamline the permit process for oil drilling.
The role of BP lawyers in the company's report on the explosion in the Gulf of Mexico is casting doubts on the impartiality of the study.
Though BP has taken the brunt of the blame for the Gulf oil spill, the Deepwater Horizon rig was owned by Transocean, and as investigators delve deeper into what happened on April 20, they're focusing more on Transocean's maintenance practices.
BP and spill fund czar Kenneth Feinberg is taking a lot of flak for the details of the compensation program. One issue is the likelihood that people who take payments won't be able to sue later.
In a sternly worded letter to BP's attorneys, oil rig owner Transocean accuses BP of withholding critical information needed to investigate the cause of the Gulf oil spill. BP calls the accusation "a publicity stunt."
Shares of Transocean soared more than 8% on Thursday after the company maintained that its contract with BP protects it from liabilities associated with the oil rig explosion in the Gulf of Mexico.
