Bp Oil Spill | featured news

Washington was preparing a revised offshore oil drilling moratorium and cleanup efforts in the Gulf of Mexico returned to normal on Friday after hurricane Alex passed through the region without doing major damage.

The Federal Reserve Bank of New York has been probing major financial firms' exposure to BP Plc to ensure that if the oil giant buckles under the costs of the Gulf oil spill, it won't put Wall Street or the global financial system at risk, according to two sources familiar with the matter.

BP denied its embattled chief executive was resigning as the first tropical storm to hit the Gulf of Mexico this year threatened to disrupt cleanup work on its massive oil spill, even from a distance.

The first named storm of the Atlantic hurricane season was on track on Saturday to reach the Gulf of Mexico within days, a potential threat to containment and cleanup of the worst ever US oil spill.

The Coast Guard says BP has been forced to remove a cap that was containing some of the oil gushing into the gulf.

Robert Dudley, who will take charge of BP’s spill response, has plenty of experience dealing with a hostile government, unhappy partners and angry citizens.

The owner of the Deepwater Horizon rig, which is spewing oil into the Gulf of Mexico, on Tuesday criticized President Barack Obama's six-month ban on deepwater drilling.

A co-chairman of the commission that will study the oil spill said it would probably not lift the moratorium on deepwater drilling until next year.

Massachusetts Rep. Ed Markey releases an internal BP document that shows leak could spew far more oil into the Gulf of Mexico than has been estimated in public accounts.

In what one environmentalist described as "yet another public relations disaster" for embattled energy giant BP, CEO Tony Hayward took time off Saturday to attend a glitzy yacht race around England's Isle of Wight.