US government is suing BP

The US government is suing BP and eight other firms for ‘violations of safety and operational regulations’ under the US Clean Water Act and Oil Pollution Act; it wants them to have unlimited liability for all the clean-up and compensation costs, the full extent of which are still to be established. BP has already been sued more than 300 times by people or groups in the area.

BP’s share price fell about 3% this morning

BP has already set aside $40bn to cover its costs