Bp, Gulf Oil Spill | featured news

The BP oil rig explosion and spill wasn't about anyone purposely trading money for safety, investigators on a special presidential commission said Monday.

BP lifted its estimate of the likely cost of its Gulf of Mexico oil spill by $7.7 billion to $39.9 billion on Tuesday, pushing its profits down sharply in spite of higher oil and gas prices.

Halliburton and BP knew weeks before the blast on a rig in the Gulf of Mexico that the cement mixture they planned to use to seal the well was unstable, a commission found.

BP's blown-out oil well in the Gulf of Mexico has finally been killed once and for all, five months after an explosion sank a drilling rig and led to the worst offshore oil spill in U.S. history.

After five months, the BP well that spewed millions of gallons of oil into the Gulf of Mexico is on the verge of being plugged.

Oil giant BP PLC said in an internal report posted on its website Wednesday morning that multiple companies and work teams contributed to the massive Gulf of Mexico spill that fouled waters and shorelines for months.

With the replacement of the failed blowout preventer and a cement plug in place, the well's seal is almost permanent, the federal spill response chief says. The final step will be to plug the well from the bottom.

The blowout preventer, which is considered a key piece of evidence in the Gulf of Mexico spill investigation, will now be raised to the surface.

A critical device at the center of an investigation into the Gulf oil rig explosion didn't undergo a rigorous recertification process in 2005 as required, a worker told investigators Wednesday.

'Eleven Americans lost their lives and it took seven weeks to invite their families to the White House,' director said in interview about his film on BP spill.