The New York Times (July 13)
As BP inches toward stopping the massive oil leak in the Gulf of Mexico, the New York Times examines BP’s past performance. The newspaper draws a harsh conclusion. “In pursuit of growth and profits, BP has taken monumental risks and suffered the consequences. But its record shows that it has been unable or unwilling to learn from its expensive mistakes.”
The Times—London (June 21)
BP has achieved “the absolute worst possible corporate response to an oil disaster.” The Times runs through BP’s missteps and especially takes CEO Tony Hayward to task. Hayward has become a “global laughing stock” at a time when BP and its shareholders need leadership.
The Washington Post (June 17)
BP will escrow $20 billion to fund the oil spill cleanup. The Post puts this amount in perspective. That’s enough money “to buy all the shares of the Kellogg Co. And it’s larger than the annual economic output of 90 countries.” Not many companies can make a $20 billion mistake and still survive. Fortunately, it looks like BP can.
Businessweek (June 9)
To drill offshore in the U.S., top oil executives will now be required to personally sign, certifying their operations are in full regulatory compliance and that they are capable of shutting down wells in emergencies. The new requirements come in light of BP’s continuing oil spill which has become America’s worst environmental disaster. The pledges are reminiscent of Sarbanes-Oxley rules implemented after Enron. Since then, CEO’s and CFO’s must personally sign certain financial reports to verify accuracy.
Tags: BP, Offshore drilling, Oil, Sarbanes-Oxley
New York Times (June 8)
“Can BP Ever Get It Right?” While musing on this question, the New York Times asserts BP is a “feckless outfit” with “shaky credibility” that is ill prepared to cope with the Gulf oil disaster. Based on “serial failures,” the answer is obvious. BP “clearly can’t be trusted to figure out what is needed on its own.”
“Can BP Ever Get It Right?” While musing on this question, the New York Times asserts BP is a “feckless outfit” with “shaky credibility” that is ill prepared to cope with the Gulf oil disaster. Based on “serial failures,” the answer is obvious. BP “clearly can’t be trusted to figure out what is needed on its own.”
The Times—London (June 4)
“BP, not to mention its market capitalisation, is disappearing in the Gulf of Mexico” as its offshore oil well uncontrollably gushes oil. Yet, BP’s chairman Carl-Henric Svanberg “has gone missing.” Most people don’t even recognize his name. A low profile is not appropriate during a saga which has claimed 11 lives and become America’s largest disaster. “BP is one of Britain’s most important companies. Its future is in danger.” BP needs “a heavyweight public diplomat rather than the absentee who is presiding over a disaster in silence.”
Barron’s (May 8)
The BP oil disaster illustrates Murphy’s Law: everything going wrong at the worst possible time. With over 30,000 wells drilled, the Gulf of Mexico provides 30% of the energy produced in the U.S. Barron’s recently cheered Barack Obama when he pledged to open some new areas to offshore drilling. BP’s still unfolding catastrophe in the Gulf will, however, prompt calls to backtrack. Rare catastrophes will strike, “but restricting the development of the offshore-energy industry will not help the state or the country.”
The BP oil disaster illustrates Murphy’s Law: everything going wrong at the worst possible time. With over 30,000 wells drilled, the Gulf of Mexico provides 30% of the energy produced in the U.S. Barron’s recently cheered Barack Obama when he pledged to open some new areas to offshore drilling. BP’s still unfolding catastrophe in the Gulf will, however, prompt calls to backtrack. Rare catastrophes will strike, “but restricting the development of the offshore-energy industry will not help the state or the country.”
Tags: BP, Gulf of Mexico, Obama, Oil
New York Times (April 29)
The well below BP’s now collapsed offshore drilling rig continues to spill 42,000 gallons of oil per day into the Gulf of Mexico. A solution may be weeks or months away. This is, however, the first major spill in the Gulf. The New York Times warns against overreacting by eliminating conventional fuels from energy policy. The newspaper does, however, call for a speedy and comprehensive investigation arguing: “if oil drilling is to be part of this country’s immediate energy future, it must be done responsibly.”
The well below BP’s now collapsed offshore drilling rig continues to spill 42,000 gallons of oil per day into the Gulf of Mexico. A solution may be weeks or months away. This is, however, the first major spill in the Gulf. The New York Times warns against overreacting by eliminating conventional fuels from energy policy. The newspaper does, however, call for a speedy and comprehensive investigation arguing: “if oil drilling is to be part of this country’s immediate energy future, it must be done responsibly.”
Tags: BP, Gulf of Mexico, Oil
