BP America President/Chairman Lamar McKay appeared before the House Energy and Commerce Committee today at the "Offshore Drilling Operations and Safety" hearing. Other oil executives, including Chevron Chairman/CEO John Watson, ExxonMobil Chairman/CEO Rex Tillerson, Shell President Marvin E. Odum and ConocoPhillips Chairman/CEO James Mulva, testified as well. Remember I said beware of the oil volatility monster back in April? It ended up being an evil black swan. I embedded the full 5 hour hearing below (courtesy of C-SPAN). Don't forget you can watch 60,000 barrels of oil spew into the Gulf of Mexico from the damaged BP riser 24 hours a day, 7 days a week. Watch the madness here.
On Tuesday, Fitch downgraded BP's credit rating to BBB from AA, BP CDS rose 20% and bonds that mature next March yield 10.847%, 3.06% higher than 7.782% on Monday [WSJ].