Oil Spill still a problem by Claudia Sonea

Two months have passed since a rig explosion in the Gulf of Mexico marked the worst environmental disaster in the world. Yet, the owner of the well that roped, BP Plc., is still trying to retrieve the oil leaked and repair the damages inflicted onto the environment. There have been many attempts to stop the spill and clean up the oil spread from the spill and various methods have also been tested like a mile-long tube. Following the rupture, the company’s executives have made only mistakes that deteriorated the public image. One of the worst examples is the chief executive Tony Hayward who managed to ang! er everyone with his disregard for the misfortune of the residents of Florida, Mississippi and Alabama, the coastal area that had over 2 billion dollars as the spill affected fishing and tourism industries. He flew to celebrate his birthday less then after the explosion killed 11 workers; then he attended a luxurious yacht race. The energy giant has already compromised the public image, but the investors want to change the executives and bring in more competent CEOs. However, there is no sign that executives will be changed and on Saturday a supertanker was put to collect the oil that continues to flow. Whether it will have success or not that remains to be seen. Certainly, the company pays dearly the damages, the compromised image, losing over 6.4 percent on the U.K.’s FTSE 100 Erases 2010 Gains and more than half of its market capitalization value. Obama and his administration have criticized the energy ! giant, but they did not changed positions regarding the offsho! re drill ing. Furthermore, the six-month drilling ban was lifted last week and drilling will be allowed again in subsea fields. After all, the environmental disaster is not enough to stop the greed.

related story (sgx17775): http://www.france24.com/en/20100704-bp-oil-spill-a-whale-sup...

by Claudia Sonea for Cantell TV (http://cantell.tv)

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