CHALMETTE, Louisiana (GlossyNews) — Add abysmal stock prices to the $20 billion escrow fund and BP’s existing $2.35 billion clean up tab, and you begin to realize how quickly deep pockets grow shallow. The Deep Horizon oil spill in the Gulf of Mexico has destroyed the petroleum giant’s forecasted $14 billion profit margin. And with 2.5 million gallons of crude spewing from the well daily, it becomes a daunting, if not impossible, task to calculate the financial hardships BP may be facing in the very near future. To further complicate matters, various pension fund managers have announced plans to sue BP for heavy investment losses. Read the full story

WASHINGTON, D.C. (GlossyNews) — Texas Representative Joe Barton’s strange apology to BP CEO Tony Hayward for the government imposed $20 billion escrow account to repay damages caused by the Deep Horizon oil spill continues to spark controversy. The ill-fated gaffe was uttered on June 17, but after seven days and several subsequent apologies for apologies, Barton’s comments continue to sour public opinion, further jeopardizing the Republican Party’s chances to capture additional seats in Congress this November. And today, fellow Republican Joe Scarborough dragged the incident right back into the limelight. Read the full story