BP Posts

Taking Risks for Profitability – What Can We Learn from BP?

Taking Risks for Profitability – What Can We Learn from BP?

A series of internal BP memos were recently published by Congressional investigators which, they say, are proof that the British company systematically and negligently put safety at risk on the Deepwater Horizon oil rig in exchange for the prospect of increased profits.  Henry Waxman, chairman of the House Energy and Commerce Committee and head of its oil spill investigation, accused BP of making at least five questionable decisions prior to the disaster (see Times Online).  Every time BP had a decision to make, they  chose to cut corners; to do things more quickly than they should have; and, to take the less expensive route.  The consequence of these decisions is what has left us a blackened  Gulf of Mexico.  Time after time, it appeared that BP made selfish decisions that increased wide-scale risk for the sake of saving the company time or money. (more…)