• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 10 hours The EU Loses The Principles On Which It Was Built
  • 2 hours Starvation, horror in Venezuela
  • 4 hours Saudi Fund Wants to Take Tesla Private?
  • 19 hours Crude Price going to $62.50
  • 6 hours Why hydrogen economics does not work
  • 2 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 3 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 15 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 1 day Chinese EV Startup Nio Files for $1.8 billion IPO
  • 1 day Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 day < sigh > $90 Oil Is A Very Real Possibility
  • 8 hours California Solar Mandate Based on False Facts
  • 15 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Philippines Cracks Down On Fuel Pirates

Philippines Cracks Down On Fuel Pirates

Though fuel smuggling in Southeast…

What Would A Hard Brexit Mean For British Oil?

What Would A Hard Brexit Mean For British Oil?

Despite nearly 14 months of…

BP's Reputation Set to Take a Beating as it Begins its Trial against the Feds

BP is entering the final chapter of the aftermath caused by the Deepwater Horizon oil spill in 2010 as it prepares to go to trial against the federal government next week. The feds state that they will prove that (NYSE: BP) was grossly negligent in the lead up to, and during, the disaster. The outcome of the case will determine how many more billions BP must pay.

In the two and a half years since the Macondo Well incident BP’s new CEO, Bob Dudley, has slowly rebuilt the company and repaired as best he could its tattered reputation. He has sold $38 billion in assets as part of the ‘shrink to grow’ strategy, reorganised divisions, reemphasised safety, and moved the company forwards. With the start of this trial the feds will trawl through all of the grisly details regarding the worst parts of the spill, bringing the entire affair back into the public eye, and once again damning BP’s reputation.

Related article: BP Energy Outlook 2030: Nothing more than Wishful Thinking

Rupert Bondy, BP’s General Counsel, said that they “have always been open to settlements on reasonable terms,” but “faced with demands that are excessive and not based on reality of the merits of the case, we are going to trial.”

“Gross negligence is a very high bar that BP believes cannot be met in this case. This was a tragic accident, resulting from multiple causes and involving multiple parties. We firmly believe we were not grossly negligent.”

The Department of Justice is pushing for the charges of gross negligence because they have nothing to lose. In fact it could be part of a political ploy; if Obama does approve the Keystone XL pipeline, then he could recover some favour from the environmentalists by reminding them that he had been tough on BP.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News