BP shares jump after US report spreads spill blame

Is BP off the hook? Too early to say perhaps, but shares in the British energy giant have risen sharply after a White House report into the Gulf of Mexico oil spill. It concluded that blame for the huge environmental disaster, the worst in US history, was not reserved exclusively for BP, but also its American partners Halliburton and Transocean. They are accused of making dangerous cost cutting decisions. Some experts believe the problem is endemic in the industry.

Former BP executive Richard Pike said: ‘‘Three companies, which are among the largest in the world, had very severe problems which suggest to me that if they had them here they probably had them elsewhere. And therefore it’s a problem that the entire industry should pay attention to.’‘

The US presidential commission’s conclusions mean BP is less likely to be found guilty of gross negligence. That increased the companies share value by 2%, up on Tuesday’s surge following speculation Anglo-Dutch rival Shell had considered a takeover bid.

The Obama administration had vowed to make BP pay for the spill, which could have led to potentially unlimited liabilities.

By Paul Hackett.

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