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BP Dips - Refinery Violations Surface

BP has given people a reason to calm down as they have inserted a tube into the undersea riser in the Gulf of Mexico. It seems they are succeeding in taking out some of the oil flow into the Gulf but the this process has not stop BP from dipping $ 1.30 to $45.57 as the cost of the whole thing is not known.

BP had tweeted that the customary cap on liability for damages for most oil companies operating in US water does not apply in the Gulf spill case. The tweet was made in response to an interrogation put by Homeland Security secretary Janet Napolitano to BP.

According to a report from a Freedom of Information request to OSHA, it shows that over the past three years BP was causative 97% of the “flagrant violations” as US regulators found in the refining industry. A total liability for violations was tallied at $90 million.

If the refinery violations is a fact and are excluded from the upstream exploration business issues then it is worth noting.