U.S. EPA Forgives BP, Allows It to Resume Business With Feds

Energy

Published: March 14, 2014 8:30 am

Last Updated: April 28, 2020 9:04 am

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The U.S. Environmental Protection Agency (EPA) on Thursday lifted its suspension and ban against BP PLC (NYSE: BP) that prohibited the company from doing business with the federal government. The ban was imposed as part of an agreement between the EPA and BP in November 2012 after BP pleaded guilty to 11 felony counts related to the explosion and sinking of the Deepwater Horizon in April 2010, killing 11 workers and dumping 5 million barrels of oil into the Gulf of Mexico.

Under the agreement announced Thursday, BP is required to hire an independent auditor approved by the EPA to conduct an annual review for each of the next five years and report on BP’s compliance with the agreement. BP also will have to meet certain provisions related to ethics compliance, corporate governance and process safety. The EPA retains the authority to “take appropriate corrective action in the event the agreement is breached.”

Since the ban was imposed, 25 of BP’s subsidiaries have been suspended from competing for federal contracts, and BP Exploration and Production Inc. was disqualified from performing federal work at the corporate facility in Houston. The ban also prevented BP from bidding on leases for new offshore oil and gas properties.

The EPA’s lifting of the ban comes just in time for BP to participate in the latest round of Gulf lease sales. Next Wednesday the federal government will auction 134 blocks, comprising 465,200 acres, in the Lloyd Ridge and De Soto Canyon. The leasing region straddles the line between the Central and Eastern Gulf of Mexico planning areas, due south of the western end of Florida’s panhandle. The Bureau of Ocean Energy Management’s lease announcement has the details.

BP stock was down fractionally Friday morning, at $47.45 in a 52-week range of $40.12 to $51.02.

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.