Posted: September 13th, 2017

BP and the Gulf of Mexico Catastrophe

This is a continuation of my previous order #222071427 about British Petroleum and the Gulf of Mexico Environmental Catastrophe and the questions raised, “Are British Petroleum and the U.S. government doing enough to rectify the Gulf of Mexico oil spill catastrophe?” but in this paper I want to answer some other two questions that are related to the topic. To answer to the following two points(please note it should be two separate statements), straight to the point Question n 1, Question n 2(no paper format, no titles, names, dates, just a plain text, one page on the first question, one page on the second). 1) BP has done a good job with their post efforts to provide compensation to those affected by the Deepwater Horizon tragedy, however as Showstack points out in his article, the events of the explosion and oil spill were “Foreseeable and Preventable” (Showstack, 2011). Reading through other articles, the concensus appears to be a call for a greater involvement in science and greater scrutiny and scrubbing of the risks involved with offshore oil drilling. It would appear that the Deepwater explosion will be to the offshore drilling industry as three mile island was to the nuclear industry. It is just unfortunate that these tragedys have to occur for the deep investigations to happen.

Do you think if they raised the punitive damages limit for companies that are involved in large industries that have the potential to affect the population, the number of instances such as Deepwater Horizon could be avoided? 2) As Reed and Krauss (July 28, 2015) detailed, BP has significantly trimmed down from pre-Deepwater Horizon crisis. The company increased its layoff and restructuring estimates from $1.0 billion to $1.5 billion and has since posted a 2nd quarter loss of $5.8 billion. Operating profits for the same quarter were down from $4.7 billion last year to a meager $494 million this year. Aside from the massive layouts for the Deepwater Horizon incident, the current oil prices and glut of supply are having a huge impact on these numbers

BP executives have stated they are preparing for a period of low demand. Nevertheless, some analyst estimates show an increase in demand in the ensuing 3 years or so. From a business point of view, do you think BP is positioning itself appropriately?

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