Reason No. 1: Temporary receivership is the only way to ensure BP tells the truth about the Gulf spill.
BP officials said Friday the 'top kill' maneuver to plug the flow of oil in the Gulf of Mexico still could work. But they acknowledge that it's likely to take several days longer than anticipated.
Coast Guard's Thad Allen says Friday through Saturday morning is a pivotal time for the top kill procedure, which aims to cap the well feeding the Gulf oil spill. President Obama, in Louisiana, says he is tripling the clean-up manpower in areas where oil is on shore.
The oil spill 'top kill' was proceeding according to plan Wednesday night, BP officials said. But they added that it could be another 24 hours before they know if it worked.
A Transocean rig worker said he overheard senior managers complaining that BP took 'shortcuts' by replacing heavy drilling fluid with saltwater in the oil well that blew out, triggering the massive Gulf oil spill.
BP will attempt a 'top kill' in which heavy mud and cement would be shot into the well to plug it up.
BP announced Monday it will spend up to $500 million to study the effects of the BP oil spill on the marine and shoreline environment.
BP says its only priority is to shut down the Macondo well responsible for the Gulf oil spill. But industry experts say BP could still try to get oil from the well in the future.
BP says its siphon is collecting one-fifth of the oil leaking into the Gulf of Mexico. But questions linger over BP's use of underwater dispersants in the Gulf oil spill.
The one BP is using to break up the Gulf oil spill has been approved by the EPA. But it's an older mixture that contains toxic ingredients, and it's not among the top tier of recommended dispersants.