Oil flows out of the top of the transition spool, which was placed into the gushing Macondo wellhead at the site of the Deepwater Horizon oil spill in the Gulf of Mexico in July 2010. AP Photo/BP PLC, File)

BP turns to environmental impact, financial state in oil spill penalty trial

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BP will continue to build its case for lower environmental fines Tuesday in the long-running legal fight over how much it should pay for fouling the Gulf of Mexico in 2010.
(AP file photo/Patrick Semansky)

Houston man accused of lying about blowout preventer tests

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If convicted on two counts of making false statements to federal agencies, he could get up to 10 years in prison and $500,000 in fines.
John Hess, chairman and CEO of Hess Corp. (Photographer: F. Carter Smith/Bloomberg )

Hess cuts capital spending by 16 percent

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Hess Corp. will cut its capital spending 16 percent to $4.7 billion, becoming the latest exploration and production company to announce big cuts to its 2015 budget.
(Jason Alden/Bloomberg)

BP will freeze pay for most of its employees

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The announcement came today in an internal message to employees, said BP spokesman Brett Clanton.
(Energy Transfer)

Energy Transfer Partners to buy sister company in $11.2 billion deal

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The purchase would bring together two companies both controlled by parent company Energy Transfer Equity, L.P. in a cash-and-stock deal.
(AP Photo/Gerald Herbert, File)

Spill trial: BP makes its case for lower pollution fines

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BP’s fourth and final witness, Robert Cox, a practicing physician and toxicologist at the University of Mississippi Medical School, said he found the oil spill and the efforts to clean it up left no significant adverse human health impacts or threats to public health, based on his analysis of exhaustive state and federal data.
(SAMAD/AFP/Getty Images)

Hedge funds bet oil will fall further

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U.S. crude supplies rose by 10.1 million barrels to 397.9 million in the week ended Jan. 16 and the country will pump the most oil since 1972 this year.
Caroline Lucas, a Green Party member in the UK Parliament, stands outside the main entrance to the Cuadrilla exploratory drilling site in Balcombe, England, as anti fracking demonstrations continue near the drill site, Sunday Aug. 18, 2013. (AP Photo / Gareth Fuller, PA)

U.K. lawmakers urge fracking moratorium

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Hydraulic fracturing in shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.
(shankool007/Flickr)

Obama to seek wilderness designation for Alaska refuge

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President Barack Obama is boosting protection of Alaska’s Arctic National Wildlife Refuge and will ask Congress to designate more than 12 million acres as a wilderness area, including its potentially oil-rich Coastal Plain.
(AP Photo/Dado Galdieri, File)

US works to ease Caribbean dependence on Venezuelan oil

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A decade-long addiction to oil subsidized by Venezuela may be coming to an end for several Caribbean nations, with a nudge from the United States