June 29, 2006 |
Federal investigators said Wednesday that traders at oil and gas producer BP cornered the U.S. propane market in the winter of 2004 to illegally manipulate prices, driving heating costs higher for rural consumers. The Commodity Futures Trading Commission said BP traders, with the consent of senior management, "purchased enormous quantities of propane to establish a dominant" position in the market and then withheld fuel from the market to drive prices higher.
December 16, 2010 |
The Obama administration filed a civil complaint Wednesday against BP and eight other companies over the gulf oil spill this year, setting up a lengthy and complex legal battle over cleanup costs and penalties that could amount to billions of dollars. The complaint, filed in U.S. District Court in New Orleans, alleges a series of violations of federal safety and operational regulations that resulted in the April 20 explosion and fire on the Deepwater Horizon drilling rig in the Gulf of Mexico.
April 2, 2009 |
A helicopter returning from a North Sea oil platform went down off the northeast coast of Scotland with 16 people on board, and police said at least eight were killed. Scotland's Grampian Police said eight bodies had been recovered from the sea and that the search for the other passengers was continuing. A spokesman for the BP oil company said the helicopter was working for the company and was returning to Britain from an offshore oil field.
July 12, 2003 |
A weakened Tropical Storm Claudette entered the Gulf of Mexico with 50-mph winds and started on a path that could lead it toward southern Texas. Claudette had dumped heavy rains, sunk small boats and whipped up waves in Cancun as it passed over Mexico's Yucatan Peninsula, but it did little noticeable damage. In Texas, the BP oil company evacuated nonessential employees from oil and gas platforms along the Gulf of Mexico. The company did not shut down production, a spokesman said.
May 26, 2010 |
Hours before the fatal accident that sank the Deepwater Horizon oil rig in the Gulf of Mexico, workers for the rig's owner quarreled with BP officials who wanted to finish the drilling job despite problems, a mechanic told a Coast Guard committee in Louisiana on Wednesday. Douglas Brown, the rig's chief mechanic, testified that three officials for rig owner Transocean Ltd. balked at the desire of a BP "company man" to remove drilling mud from the pipe connecting the rig with the well.
June 30, 2008 |
Investors in Exxon Mobil Corp., Royal Dutch Shell and BP are losing money, even though oil prices are hitting records, as they cede control of production to state-owned energy companies. Exxon, the world's biggest company by market value, saw its stock fall 7.6% this year after Venezuela forced the Irving, Texas-based producer out of the Orinoco Belt, South America's largest oil territory. Shell lost 4.6% in London trading as Russia seized control of the $22-billion Sakhalin-2 venture.
November 17, 2012 |
Two workers on an oil rig in the Gulf of Mexico were still missing Saturday, following an explosion on the site a day earlier that injured nine other people. The U.S. Coast Guard was searching a 1,400-square-mile area of ocean Saturday around a Black Elk Energy rig that burst into flames Friday when oil caught fire as workers cut through a pipe. The platform is off the Louisiana shore, about 20 miles southeast of Grand Isle. The rig had been shut down since mid-August, company officials said, leaving authorities little concern about an oil spill.
November 17, 2010 |
Failure to manage the risks of a complex well and to learn from an earlier narrowly missed disaster contributed significantly to the Deepwater Horizon disaster in the Gulf of Mexico, a panel investigating the BP oil spill said Wednesday. "Numerous decisions" to continue operations despite repeated warnings of problems "suggest an insufficient consideration of risk and a lack of operating discipline," according to a report issued by a committee at the National Academy of Engineering/National Research Council, which was convened at the request of Interior Secretary Ken Salazar.
August 21, 1987 |
In what will be the biggest share offering in history, the British government will sell its remaining stake in British Petroleum Co. in late October for the equivalent of $12.1 billion, the government's financial advisers said Thursday. Prime Minister Margaret Thatcher's government, which has sold more than 20 state-owned companies to the investing public, will sell its remaining 31.5% stake in BP for $9.7 billion and $2.4 billion worth of new shares, they said.
March 25, 2014 |
Some lessons take a long time to sink in. The Exxon Valdez disaster, which occurred 25 years ago this week when the oil tanker struck a reef in Alaska's Prince William Sound, was both the product of previous lessons unlearned and the source of new lessons that continue to be overlooked. One lesson was that industry self-regulation and lax governmental oversight don't work to the public's benefit. In this case, the vessel was operating on March 24, 1989, with an overworked crew that was half the size of standard crews 20 years earlier; the tanker's hull construction didn't meet specifications agreed to by the oil industry for tankers carrying Alaskan oil. The Coast Guard, which was charged with conducting safety inspections of tankers, didn't do so because its staff had been cut by one-third. The environmental effects of the spilled oil in what was then the largest ever in U.S. waters--it was surpassed by the 2010 Deepwater Horizon spill in the Gulf of Mexico--have been worse and longer lasting than anyone anticipated.