By Douglas Holtz-Eakin
The young drop coverage to avoid higher premiums
Independent voices from the TWT Communities
Two men who worked for BP during the 2010 Gulf oil spill disaster have been charged with manslaughter and a third with lying to federal investigators, according to indictments made public Thursday, hours after BP announced it was paying $4.5 billion in a settlement with the U.S. government over the disaster.
Despite angry protesters outside the building, BP promised its first annual general meeting since last year's devastating Deepwater Horizon oil rig explosion that it would work to earn back trust of shareholders and the public.
Scuffles between protesters and security guards marred BP's first annual shareholder meeting since the Gulf oil spill, with shrimpers blocked from entering Thursday's meeting to demand more compensation.
BP PLC said Tuesday it is resuming dividend payouts for the first time since the Gulf of Mexico well disaster and announced plans to sell off almost half of its U.S. refinery business, including the Texas City facility where 15 workers died in a massive explosion in 2005.
BP's embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.
BP chief executive Tony Hayward took a day off Saturday to see his 52-foot yacht compete in a glitzy race off England's shore, a leisure trip that further infuriated residents of the oil-stained Gulf Coast.
The chairman of BP says embattled chief executive Tony Hayward is being relieved of day-to-day responsibility for managing the Gulf of Mexico oil spill.
President Obama emerged from his first face-to-face meeting with BP executives Wednesday to say the oil giant has agreed to create a $20 billion escrow account to settle economic injury claims from the April 20 explosion that created the massive Gulf oil spill.
President Obama, still scrambling to take political control of the Gulf oil crisis, will demand this week that BP begin setting aside cash in escrow accounts to handle damages and turn over the handling of claims to an independent panel, White House officials said Sunday.
"We believe this resolution is in the best interest of BP and its shareholders," said Carl-Henric Svanberg, BP chairman. "It removes two significant legal risks and allows us to vigorously defend the company against the remaining civil claims."
"The tragic accident and related oil spill in the Gulf of Mexico affected many people and communities," he said. "BP has not — and will not — shy away from its responsibilities."
