HOUSTON (AP) - BP PLC is taking a multimillion dollar broom to sweep away a slew of federal charges linked to energy price fixing, a deadly refinery blast and pipeline leaks and focus on its energy business.
The more than $373 million in settlements announced Thursday are part of the company's attempt to get rid of the problems left over from the stewardship of former chief executive John Browne and move ahead with the recently announced restructuring of Europe's second-largest oil company.
On top of the fines and restitution, four former BP employees were indicted by a federal grand jury in Chicago on 20 counts of mail and wire fraud connected to a scheme to manipulate energy markets.
The bulk of the fines - $303.5 million - aim to punish BP for conspiring to fix propane prices in 2003 and 2004.
London-based BP also agreed to pay a $50 million fine and plead guilty to a felony for its role in a 2005 explosion at its Texas City refinery that killed 15 employees and injured more than 170 others.
Additionally, it will pay $20 million in criminal fines and restitution to Alaska and the National Fish and Wildlife Foundation for pipeline leaks and spills at Alaska's Prudhoe Bay, the nation's largest oil field.
The settlements were made public at U.S. Justice Department news conferences in Washington and Houston.
"These agreements are an admission that, in these instances, our operations failed to meet our own standards and the requirements of the law," Bob Malone, president and chairman of Houston-based BP America, said in a statement. "For that, we apologize."
The chairman of the House Energy and Commerce Committee, Rep. John Dingell , criticized the amount BP will pay to settle the Texas City charge.
"I note with curiosity that when an average citizen commits a felony it usually leads to a prison sentence. Yet, apparently, when a big oil company commits a felony that causes 15 deaths, it pays a criminal penalty equal to less than a day's corporate profits," the Michigan Democrat said.
BP reported an adjusted net profit of $22 billion in 2006, or about $60 million per day.|||Although I'm only 15, I'm not a stupid 15 year old and I think that George Orwell was a very smart man that knew what he was talking about. I only really skimmed you long little essay but reading the second to last passage I get the point.
I think it's always been that way in this world, It's probably gotten a little bit milder now a days but everyone's not really "equal" in this society, and I guess I and other people are just going to have to accept that cause I don't think it'll ever change. It would be nice if it would,(would make a hell of a lot of a positive difference in this world anyway) but it's just not and I marvel George Orwell although I've only read 2 of his novels because he had the guts to show people examples of how humanity/society is and or (will be) using writing fiction novels and I'm sure he's opened a lot of peoples eyes.
If you haven't already, you should also read 1984 by him. Good stuff.|||"We" may all be "created equally"; but once "we" have been "created", we may no longer be "equal". Equality alludes to sameness--sameness in mental capabilities, finances, education, and opportunities. Human beings know, through living, that "equality" is an impossbility.|||That's why as attractive as it might sound to some, Socialism would never work, and the quote is: "All animals are equal, but some animals are more equal than others."|||Hmmmm..........yep, he wrote it.|||i work for the company that makes the pipe in that gase line do you have any stinkin idea how hard it is just to make 1 good pipe with the rates of pay unions in america and foreign competition get off thier case they are trying to turn a buck just liek everyone else they didnt commit a felony the owners had no idea and prolly havent ever been to the field they are figure heads it is a community problem these things will happen wat u want communism back ??? go to the store with nothing thier paying 50% of our incomes so that some little snot nosed kid in some pjs can have free doctors appointment when his parents wont get a job and his mom gets paid by the kid ??? i liek my house and car and ablity to get what i want if i work hard enough for it its called ambition our ancestors built this nation on these principals and you are spitting on our heritage get with the program all these liberals are communists and all the republicans are greedy rats get used to it just have a few kids and live your life and pay them no mind u can do nothing when it all comes down to it
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