BP Oil Leak Point Fingers In Senate

Tuesday the BP oil leak got to the political arena when top oil company executives testified at a listening to before the Senate Energy and Natural Resource Committee in New York. As the 2010 oil spill in the Gulf of Mexico continued unabated, suits from Transocean, BP, and Halliburton all blamed the other guy for the disaster in the Senate hearings. Based on a 5,000 barrels a day estimate, the BP oil leak has expected to have leaked a total of 105,000 barrels to date. That's 4.4 million gallons and counting.

Oil leak for BP and also the circle of blame

Responsibility for the reason for the gulf oil spill was passed among the oil business executives like an instant loan in the Senate hearings. CNNMoney.com reports that BP ended up blaming Transocean, owners of Deepwater Horizon, the rig that exploded and sank on April 20, leaving 11 workers dead. Transocean in turn blamed BP for setting specifications for the well and called out Halliburton, the company that built the well’s cement casing. Halliburton completed the circle of blame by pointing the finger back at BP.

Updates on oil spill

The 2010 oil spill within the Gulf of Mexico is wreaking havoc. Accuweather.com reports that winds from the southeast threaten to push the gulf oil spill toward more of the Louisiana coastline during the next few days. The oil spill could be pushed northwestward by Thursday winds, which could be either closer to or onto a large part of the coast. Areas at greatest risk to the growing oil slick are from Atchafalaya Bay to Louisiana's southeastern most point. Places northwest of Breton Sound will even be threatened. You will find many concerns deepening about hurricanes and the possible drift of the BP oil leak in the Gulf of Mexico Loop Current, which passes through the Florida Straits into the Atlantic Ocean.

BP stock tanks while shareholders are suing

BP stock has taken a massive hit thanks to the oil spill within the Gulf of Mexico in 2010. The Wall Street Journal reported on May 3 that BP’s stock price has lost at least 14 percent since the oil rig it leased sank — about $20 billion in market value. The New York Times has reported that BP will take a hit on future earnings if it has to hold off on future exploration and drilling when it deals with the spill, which may cost BP at least $8 billion. The Associated Press reports that a BP stock holder has filed suit against the corporation's top executive accusing them of pursuing their own cost-cutting methods at the expense of safety, when lobbying government authorities to decrease all of the safety regulation.

Finger pointing for BP oil leak

Executives that testified to lawmakers about the BP oil leak tried to get away from responsibility. Chairman and President of BP American Lamar McKay said, in blaming Transocean, Transocean was responsible for the safety of drilling operations. CNNMoney.com reports that McKay tried to divert the lawmakers' attention to the blowout preventer valve that failed, saying it was owned by Transocean. In written testimony before the listening to, Transocean said there must are a failure of the well's cement casing, installed by Halliburton. Halliburton said either BP was responsible for faulty well specifications, or it was Transocean's fault for a faulty blowout preventer.

Gulf oil spill the fruit of BP's poor safety record

The oil spill in the Gulf of Mexico was bound to happen, depending on BP's safety record -- the worst of any oil company in The US. The Guardian reports that BP has a recent history of disasters stemming from incomplete maintenance and faulty equipment, including a blast at a refinery in Texas City, Texas, in 2005 that killed 15 workers. A 2006 Alaskan pipeline spill occurred four years after BP had been warned about corroded pipelines. BP pleaded guilty to both of these incidents. In these past few years BP has paid $485 million in fines and settlements charges to the U.S. government for environmental crimes, neglect of worker safety rules and penalties for manipulating energy markets.

Resources

CNNMoney.com reports

http://money.cnn.com/2010/05/11/news/companies/BP_...

Accuweather.com

http://www.accuweather.com/

Associated Press reports

http://blog.al.com/press-register-business/2010/05...

Guardian reports

http://www.guardian.co.uk/environment/2010/may/05/...