New York Times | BP Posts Loss as Oil Spill Settlement and Sagging Demand Take Toll New York Times Besides lower prices, the central causes of BP's profit decline in its oil and gas operations were sharply diminished production in the Gulf of Mexico because of maintenance and a write-down on exploration in Libya because of political turmoil there ... BP warns oil prices will be lower for longer as its profits plunge tumble BP Is Paying Big Time for the Gulf Oil Spill BP reports $5.8B loss after setting cash aside for Gulf oil spill |