BP (BP) Cleared to Bid on Gulf Leases

Saying BP (NYSE:BP) doesn't "have a deeply flawed record offshore," the energy giant was cleared to bid on the next round of leases offered in the Gulf of Mexico in December.

According to Michael Bromwich, who heads up the Bureau of Safety and Environmental Enforcement, it wouldn't be appropriate to keep BP from acquiring new leases to drill offshore in the Gulf.

Bromwich said this at the hearing: "The question is, 'Do you administer the administrative death penalty based on one incident?' and we've concluded that's not appropriate."

Approximately 20 million acres in the western portion of the Gulf of Mexico will be offered in a lease sale in December.