Tony Hayward

Without doubt, it has been a difficult spring and summer for the oil industry.  Three major oil spills, each of which is the largest their affected area has ever endured.  The Kalamazoo River in Michigan is the latest victim, with an estimated 1 million gallons floating with

Announcing its quarterly financial report today, oil giant BP (NYSE:BP) revealed it lost US$17 billion during the last quarter.

The battered and bruised CEO of BP (NYSE:BP), Tony Hayward announced today that he is stepping down from his position and will be replaced by American Robert Dudley.

It is official, BP (NYSE:BP) has relieved Tony Hayward from his position as Chief Executive of the company.

After days of speculation, it appears BP's Board of Directors is set to replace Tony Hayward as CEO of BP plc (NYSE:BP).

BP (NYSE:BP) has completely removed CEO Tony Hayward from overseeing the BP oil spill in the Gulf of Mexico.

UPDATE (12:56 PST):  BP (NYSE:BP) will finance the US$20 billion escrow account over the next three and half years, contributing US$5 billion each year.  The company will also set up a US$100 million fund to support unemployed oil workers. 

Senator Bernie Sanders (VT-I) has proposed a measure to repeal more than US$35 billion in tax breaks for the oil and gas industry.  

Shocking images, actions, and words have emerged from the Gulf of Mexico oil disaster almost as consistently as oil has spewed forth into the ocean.

In an interview with NBC's Matt Lauer, President Barack Obama said he would have fired Tony Hayward if the BP CEO was working for him.

Watch it: