Photo by Dan Kitwood/Getty Images

Bob Dudley, who has been CEO of BP since a few months after the firm’s 2010 oil spill, sat down recently with Axios in Washington for a wide-ranging interview. Here are excerpts from the interview, and links to other coverage from the conversation.

Dudley said the industry-wide lessons learned from BP’s 2010 well blowout, the largest in U.S. history, ensures companies won’t let up on safety no matter how the Trump administration overhauls federal regulations.

For us, we as a company who just barely survived the accident — total costs are now up $65 billion, which is the wealth of nations — we don’t need regulators to tell us the importance of safety and accidents.
Deepwater Horizon is one of those events that shook our company to the core and shook the industry to the core and contractors and the way we drill and the expertise of people. … There’s no silver lining in that accident, but it has changed the way industry works globally, not just in the Gulf of Mexico.

Dudley disputed rumors, reported in a Reuters story last year, that BP was considering selling its stake in the Canadian oil sands, which is a heavier, costlier and more carbon-heavy type of oil. He indicated he wouldn’t talk publicly about selling it even if he was considering it.

We actually have a fairly small Canadian oil sands position. … At least for now, we’re not considering selling what we have, but we’re also not investing in growth there. … By talking about it, you get lower prices.

Dudley expressed hope the U.S. will still support low-carbon energy resources despite President Trump’s vow to withdraw America from the Paris climate deal. BP, along with most other global oil companies, support the accord.

I have hope that the U.S. will develop policies, whether he signs the Paris accord or not. … I’m optimistic this is not going to create huge obstacles to the economic development of low-carbon energy.

Dudley dismisses the idea oil companies could have stranded fossil-fuel assets because of policies cutting greenhouse gas emissions:

We could produce everything we have in our reserves within 12 years, which is why big oil companies can move over time faster than people think. We can turn over a whole balance sheet within 10 years. The idea that investments in a big company like BP are at risk of stranded assets, I just don’t believe in that.

Dudley expressed optimism and support for China’s emerging market to cap emissions and allow companies to trade credits of carbon:

One of the most encouraging things is what China is doing. They’re putting together a carbon trading market. … And they do appear to be very serious about it.

Go deeper with my interview with Dudley:

Go deeper

Pelosi on state of coronavirus stimulus talks: "It's a chasm"

Democrats and the Trump administration remain "miles apart" on negotiations over a coronavirus stimulus deal, House Speaker Nancy Pelosi (D-Calif.) said on Wednesday.

Driving the news, via Axios' Dion Rabouin: Congress' failure to renew enhanced unemployment measures for millions of Americans at the end of July is already affecting consumer spending patterns, holding down retail purchases and foot traffic, economists at Deutsche Bank say.

Updated 25 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of noon ET: 20,391,697 — Total deaths: 744,211— Total recoveries: 12,625,076Map.
  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 5,161,612 — Total deaths: 164,690 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Business: U.S. already feeling effects of ending unemployment benefits — U.S. producer prices rose last month by the most since October 2018.
  4. Public health: America is flying blind on its coronavirus response.
  5. Education: Gallup: America's confidence in public school system jumps to highest level since 2004.
  6. World: Lebanon reports coronavirus record, UN warns Beirut blast may drive cases higher
54 mins ago - World

U.S. threatens to veto UN peacekeeping in Lebanon over Hezbollah concerns

Peacekeepers with Lebanese troops in southern Lebanon. Photo: Jalaa Marey/AFP via Getty

The Trump administration is threatening to veto a resolution to extend the UN's long-standing peacekeeping mission in southern Lebanon if its mandate isn't changed, Israeli and U.S. officials tell me.

Why it matters: The U.S. is the main funder of the UN Interim Force in Lebanon (UNIFIL), which has an annual budget of $250 million. The veto threat is a tactical move, and part of a broader effort to put pressure on Iran and its proxy in Lebanon, Hezbollah.