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BP was forced to defend its chief executive on Monday after Russia’s deputy PM said he expected Tony Hayward to resign soon, while a tropical storm threatened oil spill cleanup efforts in the Gulf of Mexico.
BP said Hayward remained CEO and no change was under discussion after Igor Sechin said he expected Hayward to resign and that Russian officials would be told the name of his successor in Moscow on Monday. Get the full story »
BP said Monday it has spent about $2.65 billion responding to the massive oil disaster in the Gulf of Mexico. The price tag includes “the cost of the spill response, containment, relief well drilling, grants to the Gulf states, claims paid, and federal costs,” the company said on its website.
BP shares fell more than 5 percent in New York on Friday to a 14-year low as the costs rise for containing the oil spill in the Gulf of Mexico.
If the decline holds, BP will have lost more than $100 billion in market value since a rig it operated exploded and sank in the Gulf two months ago. Get the full story »
The U.S. government will immediately appeal a U.S. judge’s ruling Tuesday against the Obama administration’s six-month moratorium on deepwater drilling in the wake of the oil spill in the Gulf of Mexico.
“The president strongly believes … that continuing to drill at these depths without knowing what happened does not make any sense, and puts the safety of those involved … and the environment in the Gulf at a danger that the president does not believe we can afford right now,” White House spokesman Robert Gibbs said. Get the full story »
China’s move to end its currency’s peg to the dollar initially fanned enthusiasm for crude, since a stronger yuan will make dollar-based commodities such as oil cheaper in China and bolster demand, but oil prices gave up earlier gains Monday afternoon as uncertainty set in about how quickly China may implement currency changes trimmed oil prices.
Crude gained 64 cents, to settle at $77.82 a barrel, on the New York Mercantile Exchange after rising as high as $78.92.
Retail prices for gasoline in the United States have climbed over the last week and are headed back toward a national average of $2.80 to $2.90 per gallon with higher prices on the West Coast, said Tom Kloza of the Oil Price Information Service. Get the full story »
Only 14,000 Commonwealth Edison customers are still without power this morning, and the utility said it expects electricity will have been restored by the end of today to 99 percent of the estimated 595,000 customers who lost it in Friday’s wind and thunderstorms. Only a few isolated customers will have to wait until Tuesday, the utility said.
U.S. ethanol producer Archer Daniels Midland Co. said Friday it was disappointed that the Environmental Protection Agency has delayed for a second time a ruling on higher blends of ethanol in the U.S. fuel supply.
The EPA said Thursday that testing to raise the blend rate of gasoline to 15 percent ethanol, or E15, in newer vehicles would not be completed until the end of September. Get the full story »
BP removed Chief Executive Tony Hayward from day-to-day oversight of the Gulf oil spill crisis a day after he was pummeled by lawmakers in an appearance on Capitol Hill, the company’s chairman said Friday.
Carl-Henric Svanberg told Britain’s Sky News television that Hayward “is now handing over the operations, the daily operations to [BP Managing Director] Bob Dudley,” overshadowing news that after many setbacks BP was finally making real progress in siponing and burning off oil from the underwater gusher. Get the full story »
More than $1 million in federal stimulus money is on its way to S&C Electric Company for products that improve the distribution of electricity. The projects are expected to create more than 300 jobs and retain 121 jobs. The money comes from the American Recovery and Reinvestment Act.
Get the full story »
Rep. Henry Waxman, D-Calif., told the BP executive that in his committee’s
review of 30,000 items, there was “not a single e-mail or document that
you paid even the slightest attention to the dangers at this well.”
Get the full story: BP’s Hayward lectured sternly on Capitol Hill.
Reuters | BP Plc is ahead of schedule on drilling a pair of relief wells to
eventually stop its gushing oil leak in the Gulf of Mexico, but the top
U.S. official overseeing the spill response said on Thursday the company
still expects to finish them in August.
Meanwhile BP said that its dual oil-handling system collected 14,750
barrels of oil and burned off another 3,850 barrels on Wednesday.
Associated Press | President Barack Obama met on his own turf with top BP officials on Wednesday to press his demands that the London-based oil giant pay into a claims fund for victims of the worst spill in the nation’s history.
Get the full story: Obama meets with BP leaders, pushes for fund.
Actor Kevin Costner testified on the Gulf oil spill last week before the House Science and Technology Committee. (AFP/Getty Images)
From ABC News | As part of its growing arsenal to fight the Gulf oil spill, BP has contracted with actor Kevin Costner and Ocean Therapy Solutions to uses their centrifuge machines that separate oil from the water.
Get the full story: abcnews.com
