Today's top headlines: The chief of BP says the oil giant accepts full responsibility for the spill in the Gulf of Mexico, New Orleans gets a new mayor while the old one gets criticized, and estimates on the iPad's success are in.
NEW ORLEANS (AP) — Now that a $4 billion plea deal has resolved BP's criminal liability for the massive Gulf of Mexico oil spill nearly three years ago, the company will turn its focus to a trial that could potentially cost it billions of dollars more in civil penalties.
(NEW ORLEANS) — Oil giant BP has agreed to pay a criminal penalty in the billions of dollars for the 2010 oil spill in the Gulf of Mexico, a person familiar with the deal said Thursday. The person, who spoke on condition of anonymity because they were not authorized to speak on the record about the deal, also said two BP PLC employees face manslaughter charges over the death of 11 people in the explosion of the Deepwater Horizon oil rig that triggered the massive spill.
The deep-water Gulf of Mexico, shut down after BP Plc’s record oil spill in 2010, has rebounded to become the fastest growing offshore market in the world.
The number of rigs operating in waters deeper than 1,000 feet (300 meters) in the U.S. Gulf will grow to 60 by the end of 2015, said Brian Uhlmer, an analyst at Global Hunter Securities LLC in Houston. As of last week, there were 36 rigs working in those waters, according to industry researcher IHS Petrodata.
Today's top headlines: The spill in the Gulf of Mexico could be the most expensive ever, the Governator embraces health care reform, Shanghai set to open the doors on its World Expo, and Warren Buffet gets ready to talk Goldman Sachs.
Today's top headlines: Goldman execs lick their wounds from a Senate grilling, that oil spill in the Gulf of Mexico is heading to shore, President Obama hits the Midwest on a Main Street Tour, and Ford faces the flip side of having a profitable quarter.
BP Plc lost a motion to dismiss the issue of a potential finding of gross negligence, which could trigger fines as much as US$17.6-billion, in the trial over its role in the 2010 Gulf of Mexico oil spill.
BP lawyer Andrew Langan asked for a partial ruling Monday as the lawyers for the plaintiffs suing the company rested their case.
“We don’t think there has been a finding of gross negligence” against BP, Langan told U.S. District Judge Carl Barbier in New Orleans, who is conducting the nonjury trial.