Oil Spill Disasters

BP Cleared On Cost-Cutting Charge For Deepwater Disaster

Forbes |

In Brief...

Shares of BP got a lift on Tuesday after a presidential commission responsible for investigating the causes of the Deepwater Horizon disaster in the Gulf of Mexico said the oil spill could not be blamed on cost cutting by the oil giant. His comments lower the risk that BP will be hit with the maximum legal penalties for the spill.. Though Bartlit's conclusion seems to limit the potential liability of BP, his view is also meeting with some level of skepticism. Forbes energy writer Christopher Helman points out that it is "generally accepted wisdom among oil and gas insiders that of course BP cut corners to finish Macondo as quickly as possible. Separately, BP's former chief executive Tony Hayward told the BBC in an interview that the oil giant had not been fully prepared for the spill.

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