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Environmental groups and the public worldwide are seriously concerned about the oil spill in the Gulf of Mexico after the explosion of the BP’s Deepwater Horizon oil-drilling rig. The disaster has turned into a catastrophe and is likely to affect the environmental, social and economic condition of the Gulf of Mexico’s shore in years and decades to come. Neither the BP nor the U.S. Government really knows what to do to stop the oil leak. The U.S. Government blames the oil multinational. The BP seems to be unable to deal with the situation. Moreover, other oil companies do not seem to possess any adequate means to deal with similar situations. The BP’s stock price has gown down dramatically. It postponed dividend payments to its shareholders. Thousands of people, e.g. fishermen, have lost the source of income. What are people going to learn from this story? What are the probable scenarios of further developments and what are the likely consequences for the oil industry? Read the rest of this entry »
