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The oil-market crash cost BP more last year than the Deepwater Horizon disaster cost it in 2010.
Announced last April by Secretary of the Interior Sally Jewel, the rule would tighten standards on blowout preventers – the device that failed in the case of Deepwater – as well as put more controls on how companies drill and monitor wells deep under the surface of the ocean.
Last week, federal prosecutors dropped 11 counts of involuntary manslaughter against Robert Kaluza and co-defendant Donald Vidrine.
Industry standards alone won’t ensure improved offshore safety because they lack the force of law, says the head of the federal agency that regulates the offshore industry.
Apache Corp. shares climbed as much as 13 percent on Monday.
The charges of conspiracy, mail and wire fraud, identity theft and aggravated identity theft involve 41 alleged victims, U.S. Attorney Gregory Davis said.
BP’s profits fell 48 percent in the third quarter as low crude prices continued to batter its oil-production business.
A statement from the U.S. Justice Department has says the agreement involving the federal government, five gulf states and BP Exploration and Production will be filed Monday