Reuters wrap-up of yesterday’s oil spill events

THEODORE, Ala./HOUSTON, June 14 (Reuters) – U.S. lawmakers accused BP Plc (BP.L) (BP.N) on Monday of repeatedly taking risky shortcuts on its blown-out Gulf of Mexico oil well, while President Barack Obama pushed the energy giant to compensate spill victims.

Setting the stage for a showdown with BP executives at congressional hearings starting on Tuesday, two Democratic lawmakers said the British company chose faster and cheaper drilling options in the Gulf of Mexico that “increased the danger of a catastrophic well failure.”

The usually clubby oil industry may fragment in front of Congress as top executives from BP, Exxon Mobil (XOM.N), Chevron (CVX.N), ConocoPhillips (COP.N) and Royal Dutch Shell (RDSa.L) argue that deepwater drilling is safe if proper procedure is followed. [ID:nN14650539]

“This incident represents a dramatic departure from the industry norm in deepwater drilling,” Exxon Mobil Chairman and Chief Executive Rex Tillerson said in prepared testimony obtained by Reuters.