Is It True that BP Promises to Resolve Oil Spill Problems in the Gulf?
The greatest oil spill at Gulf of Mexico on 20th April 2010 has led to a lot of side effects. Thousands of people are badly hit directly and indirectly by the disaster until today. Let's see the facts below:
According to the requirements of the Oil Pollution Act of 1990, it is compulsory for BP to clean up the ocean and compensate all the individuals and businesses that experience loss of income and loss of revenue. Besides that, any party who is suffering from damage of property or physical injury is also entitled for BP claims.
Right after the incident, we could see how sincere BP was in giving the statement in the press that this giant corporation felt guilty for this accident. At the same time, we could also see how "responsible" BP was in promising the victims of the incidents that they would be compensated accordingly for the damage. The CEO of BP, Mr Tony Hayward has outlined BP's 4-point plan clearly:
The main issue I am going to discuss here is how far the recovery effort has been made by BP, especially to those individuals and business owners who have lost a lot of income after the incidents. These people are facing financial difficulties because they fail to prove to BP that their income has been badly affected. The most affected industries are the fishing industry and tourism industry. Many fishermen and their family members can't survive because they can't fish in the sea anymore after the oil spill. Even if they manage to get the fish and crabs, they can't sell to anyone because nobody dares to eat the seafood at the Gulf. How can they justify this matter to BP? How long do these people need to wait? It is for sure that they need to look for new business opportunities in order to survive. It is impossible for them to get jobs immediately. Hence, who is supposed to provide assistance for them during this period? Is this included in BP's promise?
Individuals and business owners who get involved in tourism industry are also facing the same problem. No tourists are willing to travel to Mexico Gulf during holidays. As a result, those who are in food and beverage, hotels, transportations, etc. are badly affected. BP has not considered the difficulties faced by these people at all. This is considered a long term issue and until today, BP has taken no action to assist this group of victims.
It is always easier to promise something. However, when comes to execution, we may face problems in keeping the promise. So as BP.
- Since the explosion, 210,000 gallons of oil have been gushing out into the ocean every day. Up to 4th May 2010, 3 million gallons of oil had leaked into the ocean.
- Eleven people were killed in the explosion.
- Due to the oil spill incident, British Petroleum's stock has lost a market value of $25 billion.
According to the requirements of the Oil Pollution Act of 1990, it is compulsory for BP to clean up the ocean and compensate all the individuals and businesses that experience loss of income and loss of revenue. Besides that, any party who is suffering from damage of property or physical injury is also entitled for BP claims.
Right after the incident, we could see how sincere BP was in giving the statement in the press that this giant corporation felt guilty for this accident. At the same time, we could also see how "responsible" BP was in promising the victims of the incidents that they would be compensated accordingly for the damage. The CEO of BP, Mr Tony Hayward has outlined BP's 4-point plan clearly:
- To be transparent with the US government and public
- To invest in order to make the Gulf oil industry safe
- To take financial responsibility for all environmental damage
- To be responsible to those who have suffered economy harm
The main issue I am going to discuss here is how far the recovery effort has been made by BP, especially to those individuals and business owners who have lost a lot of income after the incidents. These people are facing financial difficulties because they fail to prove to BP that their income has been badly affected. The most affected industries are the fishing industry and tourism industry. Many fishermen and their family members can't survive because they can't fish in the sea anymore after the oil spill. Even if they manage to get the fish and crabs, they can't sell to anyone because nobody dares to eat the seafood at the Gulf. How can they justify this matter to BP? How long do these people need to wait? It is for sure that they need to look for new business opportunities in order to survive. It is impossible for them to get jobs immediately. Hence, who is supposed to provide assistance for them during this period? Is this included in BP's promise?
Individuals and business owners who get involved in tourism industry are also facing the same problem. No tourists are willing to travel to Mexico Gulf during holidays. As a result, those who are in food and beverage, hotels, transportations, etc. are badly affected. BP has not considered the difficulties faced by these people at all. This is considered a long term issue and until today, BP has taken no action to assist this group of victims.
It is always easier to promise something. However, when comes to execution, we may face problems in keeping the promise. So as BP.
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