Bp Oil Spill

Topics: BP, Risk, Tony Hayward Pages: 3 (1317 words) Published: August 9, 2010
Five Lessons from the BP Oil Spill
It's very easy to pile onto BP right now. The "accident," which may be due more to negligence, is bad enough. The company lost 11 employees — after losing 15 in a high-profile explosion at a refinery 5 years ago. The damage to the Gulf, its species, and the people who depend on it is almost incalculable. But surprisingly, it's even easier to criticize BP's behaviour since the explosion — the company has tried hard to downplay the scale of the tragedy and it has moved slowly to stop the torrent of oil pouring into the Gulf. The nightmare is not over and the repercussions in terms of regulations and the future of BP are far from certain. But it's high time to start sifting through the wreckage for some learning so we can avoid similar catastrophes. I'm sure there are literally dozens of good lessons (please post yours), and I think many companies already have a solid understanding of the key principles of good behavior. But why do we need to wait for each fresh disaster to relearn the lessons we already know? Here are my top five lessons, running from geopolitical and philosophical to corporate-level branding and strategy. Our reliance on old, fossil-fuel based technologies is devastating for the planet, for society, and for business. This spill is in many ways an expected result of the path we have chosen. Given the declining stocks of easy-access oil, our addiction is forcing us to dig up extremely remote oil — something very, very hard to do that comes with enormous complexity and myriad risks of catastrophic failure. The assumption that we will continue to dig up more carbon-emitting fossil fuels may be called into question in a serious way by the Gulf oilpocalypse. Governments may very well ask for companies to invest far more in safety. It's a reasonable outcome that regulators demand that companies invest not only in the technologies to dig oil up, but also in cutting edge ways to greatly reduce the risk of it going all...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Essay about Bp Oil Spill
  • Bp Marketing Problem After Oil Spill Essay
  • Bp Oil Spill Essay
  • Essay about The leadership and environment impact of BP international
  • Bp—Deepwater Horizon Case Study Ethics Essay
  • Crisis management; BP Essay
  • Theoritical Prespective on Voluntary Disclosure by Bp Plc in Regards to Deepwater Horizon Essay
  • Bp Oil Spill Essay

Become a StudyMode Member

Sign Up - It's Free