May
17
2010
BP says progress in effort to contain oil spill
and has no comments yet.
Energy giant BP was making some progress on Monday with its efforts to contain the oil gushing forth from a ruptured well in the Gulf of Mexico,
But the stakes are high amid fears of an ecological and economic calamity along the U.S. Gulf Coast. Investors have already knocked around $30 billion off BP's value and its share price will be closely watched this week.
After several tough weeks, this is shaping up to be another rough one for the company. A U.S. Labor Department official told the Financial Times that BP has a "systematic safety problem" at its refineries.
"BP executives, they talk a good line. They say they want to improve safety," Jordan Barab, a senior official at the Occupational Safety and Health Administration, told the paper.