BP says progress in effort to contain oil spill

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.

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