Rep. Henry Waxman (D-CA) kicks off the hearing with a sally at the entire industry: "We've learned this week that the other oil companies are just as unprepared for a major spill." He's referring to comparison of identical oil spill response plans among the major oil companies.

Second up his Rep. Joe Barton (R-TX) who strangely enough apologizes on behalf off the US government for a "shakedown" of BP. By the way, Barton received $1.5 million in donations last year from Big Oil.

Rep. Bart Stupak (D-MI) leads off with the bitter tone we expected: "We are not small people... Mister Hayward I'm sure that you will get your life back with a golden parachute back to London." He's referring to gaffes by Chairman Svanberg and Tony Hayward.

Rep. Michael Burgess (R-TX) makes a plea to end the moratorium on drilling -- "We've destroyed one half of their economy, and now we're going to destroy the other half."

Rep. Markey (D-MA) responds to the shakedown comment! "It is not a slush fund, it is not a shakedown. It is in fact President Obama making sure a company that has despoiled the waters of our nation is being held accountable for the harm that is being done to our people." Republicans and Democrats are wrestling to control direction of this hearing. "No, this is not a shakedown of their company, this is... making sure they are held accountable... This is the American government working at its best... making sure innocent victims are not road kill." Good on the fly rhetoric from the Massachusetts congressman. "I thank you, Mister Hayward, because yesterday was the day a new page was turned." That's one "I apologize" and one "I thank you" for Tony Hayward. Not bad so far.

Rep. Phil Gingrey (R-GA): "This hearing is incomplete, because we don't have a representative from the [MMS] administration."

Rep. Parker Griffith (R-AL) comes up and Tony Hayward gets thanked again, though it's just for coming before the hearing today. But then he adds this conciliatory line for Hayward: "You're never as good as you say you are and you're never as bad as you say you are." Bizarrely, he brings up cigarettes and concludes that Deepwater Horizon is not the worst thing that ever happened to America.

Rep. Jan Schakowsky (D-IL) reads bitterly from a document BP made clean-up workers sign waiving all health damages.

Before Tony Hayward speaks, about 20 congressmen get three minutes to make a great speech.

A woman goes crazy at the congressional hearings, as Tony Hayward comes up! Her hands are smeared black with (fake?) oil. She is restrained by the police, meanwhile keeps yelling something indecipherable. See video here --> After a few minutes, Stupak addresses the audience: Emotions are high on this issue... but we will proceed with decorum."

Hayward begins... See his transcript here --> He concludes with an allusion to bankruptcy talk, "We are a strong company, and nothing is being spared."

Q&A begins at noon.