Plains All American failed to detect California oil spill, U.S. agency says

• Plains All American Pipeline (PAA +2.8%) failed to detect and react quickly enough to last year's oil spill on the California coast a year ago and did not do enough to prevent corrosion, the U.S. Pipeline and Hazardous Materials Safety Administration says in its final investigation report.
• The agency previously said severe corrosion led to a 6-in. gash in the 2-ft.-wide pipe, but the final report examines in greater depth about failures to detect and prevent that corrosion as well as operator error in recognizing the leak.
• The report is issued on the one-year anniversary of the 120K-gallon spill and two days after PAA was indicted in Santa Barbara County Superior Court on several criminal charges, including four felonies for polluting state waters and three dozen misdemeanors for harming wildlife.
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