BP CEO Tony Hayward spent part of his Saturday at a yacht race in England while some in U.S. have seen their livelihoods ruined by the massive two-month oil spill.
BP's managing director Bob Dudley will have day-to-day responsibility for managing the company's oil spill response in the Gulf of Mexico. Will he do any better at battling the crisis?
Carl-Henric Svanberg told Britain's Sky News Friday BP's CEO is being relieved of day-to-day responsibility for managing the Gulf oil spill.
The last thing BP wanted was images of the undersea oil plume in the Gulf shown to the world. Yet the live ‘spillcam’ of the Deepwater Horizon geyser may have tempered ill-will against BP.
With the ambitious 'top kill' abandoned, BP's hope to stanch the leak lies with two relief wells that won't be finished until at least August.
BP engineers will try to connect a new pipe, called the LMRP, which would siphon leaking oil to a boat. But attempts to stop the gushing well in the Gulf oil spill have ended for now.
After the failure of 'top kill,' BP said it will concentrate on containing, not stopping the leak. As failures to stop the BP oil spill mount, the federal government is careful not to promise too much.
JP Morgan Chase & Co. downgrades Russian stocks as government looks set to nationalize private steel and oil companies.