News bites: BP posts big loss, feds test spill containment, and more

Oil giant BP posted a big quarterly loss Tuesday, The New York Times reports.

The Wall Street Journal reports that Saudi Arabia is on track to surpass its record for oil production this year.

The Houston Chronicle reports on efforts to test oil spill containment systems. From its story:

The first-ever full-scale test of how the oil industry and federal regulators would respond to a runaway offshore well completed Monday in the Gulf of Mexico, with government officials deeming the week-long drill a success.

The exercise, which began July 24, tested the Marine Well Containment Company’s equipment for capping blown-out underwater wells and containing the hydrocarbons gushing from them. The exercise represented the first time the equipment and personnel responsible for deploying it have been put through a real-life emergency scenario with regulators looking on.

The Associated Press reports on massive power outages in India.

Closer to Capitol Hill, The Washington Post reports that the utility Pepco “vigorously defended itself Monday in its first self-assessments since last month’s 'derecho' storm.”