A Deepwater Horizon drilling rig was rocked by an explosion and fire on April 20, 2010, and sank into the Gulf of Mexico. Eleven crew members are missing and presumed dead. Attempts to shut off the flow of oil have failed.
Things that caught our eye around the finance and business-related web.
The FTSE100 was up more than 4% Monday afternoon, but BP was one of only a couple stocks down on the day
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Representatives of the companies connected to the April 20 explosion on the Deepwater Horizon oil rig testified before the U.S. Senate Energy and Natural Resources Committee Tuesday.
BP has lowered a new containment device to the floor of the Gulf of Mexico and will deploy it on a leaking oil well in the next two days.
BP appears to be winning the battle to stop oil seriously contaminating the shore, but it's losing the PR war hands down.
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The emergency valves that were the last chance of preventing last month's catastrophic explosion aboard the Deepwater Horizon oil rig had several major problems that could have kept them from working, congressional investigators said Wednesday.
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The Interior Department said it will split in two the agency that regulates offshore drilling, as lawmakers pressed oil executives for the cause of the Gulf blast.
BP did not provide required proof to regulators that its blowout preventer would be able to shut down a well in an emergency.
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Another sad tale of the ties between an industry and its regulators.
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Executives of the three main companies connected with the Gulf of Mexico oil spill pointed fingers at each other in Senate testimony, as lawmakers criticized them and federal offshore-drilling regulators.
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An engineer for the agency that serves as a watchdog over the oil industry testified that he didn't know the agency's own regulations for a key piece of equipment designed to prevent an explosion on an offshore rig.
As oil spreads over the Gulf of Mexico, a pall has spread over the shares of oil services companies, will Tuesday's senate hearings change outlook for some of the oil service firms?
One focus of the Senate hearing into the Deepwater Horizon disaster was why the final step in the cementing process—putting a cement plug in the well more than a mile below the sea surface—wasn't performed.
Officials are considering radical measures to slow the oil slick's approach to the Gulf Coast shoreline, including a bigger deployment of "booms" and the creation of barrier islands.
BP hopes a smaller dome will do the trick, said Chief Executive Tony Hayward, after a rapidly freezing mix of natural gas and water derailed attempts to place a big underwater dome on the leaking well.
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A WSJ examination of oversight by the Minerals and Management Service—now caught up in the Deepwater Horizon crisis—shows the agency gave the oil industry an increasing voice in its own regulation.
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Officials confirmed that the first of the oil slick from the sunken Deepwater Horizon had reached the shore as the Obama administration said it would put new offshore drilling permits on hold.
Crews remain on the lookout for oil residue in Alabama and Louisiana after the April 20 oil-rig blast in the Gulf of Mexico. Meanwhile, the different companies involved are pointing fingers in the incident.
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Two divisions would be created in the Interior Department's Minerals Management Service under the Obama administration's proposal to split the agency that polices offshore oil drilling.
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Attorney General Eric Holder said he had dispatched Justice Department officials to the Gulf Coast to determine whether there had been any "misfeasance" or "malfeasance" related to the leaking oil rig off the Gulf of Mexico.
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