Posted by proforma on June 6, 2010 | No Comments
The Deepwater Horizon is a tragedy first and foremost because of the loss of 11 lives, but also because of the continued impact on Gulf of Mexico residents, wildlife, property and businesses, and on the companies, employees and shareholders associated with the spill, including BP, Anadarko Petroleum and Matsui Oil Exploration (minority partners), Transocean, Halliburton and Cameron. All are facing scores of lawsuits for damages and liabilities.
The reputation of BP has sunk precipitously and the affects will be felt by the nation and the energy industry for many years.
Wall Street Journal reported that “BP made choices over the course of the project that rendered this well more vulnerable to the blowout.”
Shareholders have sued the board of BP Plc for failing to monitor safety and exposing the company to liability.
Some Deepwater Horizon workers said that safety was paramount for BP and Transocean. But two workers have charged the companies with cutting corners on safety and neglecting maintenance in favor of higher profits.
On June 1, global jitters sent the Dow dropping nearly 100 points upon news the U.S. Government has initiated a criminal probe.
In his 30-Day Safety Report, Ken Salazar, Secretary of the Interior, has called for aggressive new operating standards and safety requirements.