BP settles three federal investigations
Oil giant BP settled three federal investigations yesterday. Drumroll please … In regards to the 2005 Texas refinery explosion that killed 15 workers, BP will admit it is Beyond Guilty to felony charges of violating the Clean Air Act and not enforcing safety standards, and will pay a $50 million fine. In regards to last year’s snafu with leaky oil pipelines in Prudhoe Bay, Alaska, the company will plead guilty to a misdemeanor for violating the Clean Water Act and will pay $20 million in fines. And in regards to allegations that it manipulated the propane market in 2004, BP will pay $303.5 million in fines. Lest you were concerned about the company’s financial well-being, rest easy — BP has at least $1.6 billion set aside to settle lawsuits.