In June 2000, the oil giant issued a "notice of default" to Transocean, the operator of the rig that blew up last month. The dispute was over problems with a blowout preventer, a set of iron slabs that should close out-of-control wells. It failed on the Gulf of Mexico rig, triggering the explosion and oil spill.
BP's past problems with the preventer emerged as a giant oil slick, fed by the uncapped well, began lapping the coast of Louisiana, threatening to create America's worst environmental disaster since the Exxon Valdez oil spill in 1989.
Drone strikes on Saudi Arabian oil facilities have disrupted about half of the kingdom's oil capacity,...
