As of April 2010 BP has had all of the world engrossed with their current oil rig explosion. This explosion has caused an immense contamination to the environment. Not only has the environment been threatened, but also many industries along the coast such as fishing and tourism. After approximately 4.9 billion barrels seeped into the ocean, BP was accountable for all of the damage to the environment and economy. To compensate for this disaster, Tony Hayward, CEO of Bp negotiated to construct a $20 billion dollar relief fund. Unfortunately the relief fund has not fulfilled it’s expectations. Thousands of emergency aid application’s were submitted to BP’s relief fund. After BP promised these emergency aid’s to be taken care of they have struggled to satisfy all of these peoples needs. I found this economic issue intriguing do to the fact that within 24 hrs a massive industry’s production can come to a halt.
After depicting this issue I came to the conclusion that within an industry you need to be prepared for the worst. Unfortunately BP’s only solution is to act optimistically and take full responsibility for their actions. This issue was certainly informing in the aspect of how an industry can take an unforeseen down fall in such a minimal amount of time.
References: http://www.nytimes.com/2010/09/16/us/16well.html
http://www.nytimes.com/2010/09/16/us/16feinberg.html?_r=1