BP Update: Leak Stopped, CEO Dropped

By Rod Pennington

It is mixed news for BP. Crews have returned to the Gulf after heading to shore in advance of tropical storm “Bonnie”.  The storm, which never came close to hurricane strength, fell apart over the weekend. During the evacuation period the cap which had been in placed over the rupture continued to hold, effectively stopping the leak.

Retired Coast Guard Admiral Thad Allen who is in charge of supervising the cleanup and repair said over the weekend, “We’re going to be playing a cat-and-mouse game for the remainder of the hurricane season.” Hopefully that should be less of an issue soon. BP hopes to have the leak completely sealed before the end of the week.

The news wasn’t so good for British Petroleum’s CEO Tony Hayward. A variety of sources are saying the gaffe prone executive is on his way out. He infuriated people in the Gulf region when he said he wished he could have his life back. It appears the Board of Directors of BP has granted his wish.

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Posted by The Editors on Jul 26 2010. Filed under Business & Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry