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BP may lose contracts, leases of its U.S. oil and natural gas

BP may be barred from doing business with the federal government as a punishment for the worst man made disaster in U.S. history. The government considers whether there is a pattern for BP running complicated systems where accidents happen.

An explosion occured in 2005 at BP's Texas City Refinery that killed 15 workers and a 2006 pipeline leak that dumped 200,000 gallons of oil at Prudhoe Bay, Alaska.

The government may revoke BP's status as operator of producing wells in the Gulf of Mexico. The administration has the power to force BP out as operator of existing leases on federal lands and offshore tracts. Bp also faces fines of as much as $4,300 for each barrel of oil leaked under the 1990 Oil Pollution Act.

This is a bill of as much as $8.6 million based on the days the oil started leaking, that's over 50 days of oil spilling at a rate of 40,000 barrels a day.




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