New York — As the Gulf oil spill gushed out of control, BP’s financial liabilities seemed big enough to sink the company. No more.

An offshore oil rig has exploded in the Gulf of Mexico, west of the site of the April blast that caused the massive oil spill.

NEW ORLEANS — Robotic submarines removed the cap from the gushing well in the Gulf of Mexico on Saturday, beginning a period of at least two days when oil will flow freely into the sea.

HOUSTON — New figures for the blown-out well at the bottom of the Gulf of Mexico show the amount of oil spewing may have been up to twice as much as previously thought, according to scientists consulting with the federal government.

Via: NewsOne Coast Guard Administration’s Thad Alen called the development a “significant step forward.” The next step is to place a containment dome over the well. Unfortunately it won’t be as snug and oil will continue to flow into the Gulf. The repair attempt hit a snag Wednesday when the diamond-head saw got stuck and placed […]

Via: Business Week After facing much criticism over the massive oil spill having no precise plan of containment, President Obama announced the appointment of a bipartisan commission to investigate the disaster. Democrat Bob Graham and Republic William Reilly were named to lead the investigation. It’s been just over a month since the oil spill disaster […]

WASHINGTON – Scientists are anxiously awaiting signals about where a massive oil slick in the Gulf of Mexico may be heading, while containment of the looming environmental catastrophe proves elusive.

NEW YORK — The oil spill spreading across the Gulf of Mexico has drained $32 billion from BP’s stock market value. Lawsuits, fines, cleanup and reputation-repair are certain to cost the company billions more and could tie up BP for many years to come.