BP
A BP (British Petroleum) logo is seen at a petrol station in central London February 3, 2009. BP missed analysts' forecasts with a 24 percent drop in fourth-quarter replacement cost net profit to $2.59 billion (1.82 billion pounds), due to a collapse in oil prices and a big loss at its Russian unit.

BP Chief Executive Tony Hayward has apologised to a US subcommittee after a BP oil leak starting April 20 has caused untold damages to the Gulf of Mexico and its communities.

Speaking before the House Energy and Commerce Subcommittee on Oversight and Investigations, Tony Hayward said he was 'deeply sorry' for the explosion and resulting fire and oil leak that has happened:

"None of us yet knows why it happened. But whatever the cause, we at BP will do what we can to make certain that an incident like this does not happen again." He said.

A frosty reception was expected for Mr Hayward and the US House Representatives were in no mood to appease him.

Rep Mike Ross from Arkansas, wanted to know why the people of the Gulf coast were 'hurting' after their livelihoods have been ruined.

Rep Jan Schakowsky of Illinois wanted to know why BP's approach to the Deepwater Horizon well had been so reckless - "Was it just risk-taking or cost-cutting that led you to take those decisions?" she said.

"The explosion and fire aboard the Deepwater Horizon and the resulting oil spill in the Gulf of Mexico never should have happened, and I am deeply sorry that they did. None of us yet knows why it happened. But whatever the cause, we at BP will do what we can to make certain that an incident like this does not happen again." Tony Hayward began.

"When I learned that 11 men had lost their lives in the explosion and fire on the Deepwater Horizon, I was personally devastated."

Halfway through the hearing, a clearly emotional American public, demonstrated itself by a public protestor breaking through security shouting angrily as the BP CEO tried to make his apology heard.

Rep Bart Stupak, chairing the committee closed the first session of the hearing with a second second session likely to focus on the lapse of BP's safety protocols that resulted in the explosion with Tony Hayward adding that investigations remain 'ongoing'.

The full prepared statement of Mr Hayward's testimony can be seen here.