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Bp Oil Spill Issue Essay

2712 words - 11 pages

BP’s full name is British Petroleum. It is one of the world’s largest oil and gas company which has its headquarter in London, England. The initial name of BP is the Anglo-Persian Oil Company in 1909; in 1954 it changed to its present name British Petroleum. It is combined and reconstructed by the former British Petroleum, Amoco and ARCO (Atlantic Richfield Company). BP’s business has spread to many fields including oil and natural gas, alternative fuels, the production of petroleum based product, aviation fuels and its business about the solar electric power generation is also growing very fast. Since 1981, BP has set up 12 branch companies successively in many fields such as mineral, food, ...view middle of the document...

At the same time, BP admitted that the workers of Transocean as well as itself did not recognize the test result of the safety about the oil well though the result had showed the oil well is in danger. But Transocean said that BP tries to hide the key factor of this oil spill accident. It thinks that the key factor led to that accident is BP’s deadly defect in its oil well designs. BP made a series of decisions on the oil well design and constructed with the consideration of reducing costs which added risks. As to Halliburton, it said all the works involving in the building of oil wells it did were according to BP’s stipulation.
According to a group of scientists’ research, they found “the propane and ethane were the primary drivers of microbial respiration, accounting for up to 70%of the observed oxygen depletion in fresh plumes.” (David L. Valentine et al., 2010) ①

BP is the representative of British virtual industry,it plays a very important role in keeping the international status of England and taking part in the global resource allocation. “A TNC is a company that owns assets and has direct business activities in many countries.” (Grazia Letto-Gillies, 2005)② As such an influential transnational corporation, BP’s many significant changes will influence many parts in the world. Of course, it can have good influence as well as bring disasters. The oil spill in the Gulf of Mexico can show its bad effect in many aspects.

First, this oil spill incident’s effect on its company, the incident has led to a great loss of BP, BP lost a lot in the spilled oil, was fined to pay a large amount of compensation payment. Besides these, due to this incident, BP’s stock price also suffered, this in long turn will also lead to the reduction and shrinkage of its market share as well as its reputation as one of the world’s largest oil company. Second,the incident also impact the shareholders and distributors of BP a lot. “Transnational corporations are public companies that are owned by shareholders who in turn have a degree of power over corporate policies.” (John Madeley, 1999 ) ③Many shareholders lost a lot due to this. The oil spill harm the interest of many distributors in America which dealing in the brand oil of BP and it in turn affected BP’s business in the united states.

The biggest victim in this incident without any doubt is the Gulf of Mexico; the oil spill has destroyed the ecological environment and people’s daily life and health situation around that area. “The oil spill in the Gulf of Mexico poses direct threats to human health from inhalation or dermal contact with the oil and dispersant chemicals, and indirect threats to seafood safety and mental health.” (Gina M. Solomon ﹠Sara Janssen, 2010) ④ At there, the spill oil spread quickly to nearby places, the environment was so severely destroyed and polluted; it will take tens of years to recover.

Animals at there led a miserable life and many died because of the spilled oil. The...

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