Current Ethical Issues on Oil Spill - 1482 Words

Today, with the continual and rapidly growing need of energy demand by big nations like United States and China continuing to furnish their domestic consumptions of oil have led to increased prices of gasoline whereby alternative forms of energy production are sought. With this in mind, offshore drilling can be a viable option for satiating the need of oil and also to boost the economy of the nation. In this report, I am going to discuss how the current Deepwater Horizon rig explosion has led to disastrous oil spill into the Gulf of Mexico causing environmental problems and also discuss how the oil spill if resolved and with safe and secure drilling techniques, the economic impact of offshore drilling can outweigh the environmental issues.†¦show more content†¦There can be piles of information for environmental damages and wildlife hazards that can be related to the present oil spill scenario. Millions of barrels of oil spill in the Gulf of Mexico greatly hampers the environ mental conservation and critically affects the natural ecosystem. The oil spill has killed many disperse amount of fishes available in the ocean which in turn has affected the livelihood of many fishermen and their families. With all the claims for personal livelihood, business losses around the gulf area, and the environmental cleanup of the Gulf of Mexico, BP took the responsibility for all the claims, which in turn would cost BP an estimated amount of $12.5 billion or more. (â€Å"BP oil spill 2010: How much will it cost?† 2010) I believe it is not the problem that we face but it is the problem that we overcome makes us stronger and gives us faith within. So, it is up to the big corporations like BP, Transocean and Halliburton to overcome the current problem of oil spill and develop a new and different strategy to solve the problem of deep underwater oil-leak. It should be immediate for the big corporations to utilize the talented and intelligent minds to innovate new ways to stop the deep underwater oil-leak, which is taking heavy toll on the environment. As an immediate and hasty step to the Deepwater Horizon rig explosion, President Obama proposed a moratorium on April 20, which halted approval of new permits for deepwaterShow MoreRelatedEthics Reflection Paper1094 Words   |  5 PagesEthics Reflection Paper STR/581 July 26, 2010 University of Phoenix Ethics Reflection Paper Before WorldCom and Enron, many organizations unconditionally placed social and ethical responsibility with administrative legal and compliance obligations, regulations and rules. Today, a company’s ethical behavior is vital to the success of the company. Consumers not only expect but demand that a company is visible in their practices and are held accountable for their actions; be it throughRead MoreEthical Issues Of Offshore Drilling1008 Words   |  5 Pages Ethical Issues of Offshore Drilling As we know today, and have known for many years, BP is not just a local gas station that we go to sometimes to fill up our tanks. BP is a HUGE Multi-Billion dollar company! Many people believe they get there oil mostly from the mid-east but they’re also a company (or industry) that does offshore drilling for oil that is refined into a much more stable state that doesn’t blow up cars as soon as ignition occurs. Off shore drilling by definition on BP’s mainRead MoreOil Spill Case Study1519 Words   |  7 PagesTable of Contents Case 1: Oil Spill 3 Questions: 4 Analysis: 4 Case Background: 4 Case Summary: 4 Ethical Overview: 5 Courses of Action: 5 Sources of Conflict: 5 Ethical Decisions and Standards for the Conflict: 5 Outcomes: 7 Decision: 7 Case 1: Oil Spill Peter has been working with the Bigness Oil Company’s local affiliate for several years, and he has established a strong, trusting relationship with Jesse, manager of the local facility. TheRead MoreBp Plc And Civil Society1189 Words   |  5 Pagesto carry out operations in all the various locations. After the oil spill in the Gulf of Mexico, the company created a plan to invest $500 million in over a ten-year period. This funding would be allocated towards scientific research through the Gulf of Mexico research initiative. The entire purpose of this funding for research is to â€Å" improve society’s ability to understand, respond to and mitigate the potential impacts of oil spills to marine and coastal ecosystems. As at 31 December 2013, the aggregateRead MoreThe Exxon Valdez Oil Spill1718 Words   |  7 Pagesproblem efficiently enough to maximize their efforts. The Exxon Valdez oil spill in 1989 is a prime example of this. The Exxon Valdez oil spill pales in co mparison only to the 2010 Deepwater Horizon oil spill. (NOAA) In 1870 John D. Rockefeller was involved in the birthing of Standard Oil Company which was then broken down into 33 different oil companies by the Supreme Court in 1911. Of those 33 companies, one was Standard Oil of New Jersey, otherwise known as Jersey Standard. In 1972, Jersey StandardRead MoreThe Topic Of Sustainable Business Practices966 Words   |  4 Pagesreasonably discuss the topic of sustainable business practices. Firstly this report will define what is meant by the term sustainability and its dimensions. Secondly examples will be provided to illustrate the ways in which ExxonMobil is operating in an ethical and sustainable manner. Thirdly this report will critically look at the area of environmental responsibilities to an organizations and what ExxonMobil is doing in that aspect. Finally this report will observe the importance for organization to beRead MoreOffshore Oil Drilling and the Deepwater Horizon Spill of the Gulf of Mexico1591 Words   |  7 PagesOil is a v ery important fossil fuel that is used for various sources of energy. Oil supplies power to industries, fuel for transportation, heat for buildings, and provides raw material for plastics, paints, textiles, and other materials (hybrid cars). To access this fossil fuel, oil drilling is used. Land-based oil drilling became less productive and as the global stipulation for energy increased, technology, law, and geology impacts stepped in and pushed the exploration of oil away from shores (CITE)Read MoreEssay Ethical Issues and British Petroleum2297 Words   |  10 PagesTOPIC: THE CURRENT CHALLENGES FACING (BP) IS UNPARALLELED.THAT IS AN ETHICAL CRISIS IS UNCHALLENGING.BUT IS IT REALLY A CASE OF THE OIL INDUSTRY? BEING AT FAULT? IS IT REALLY A REGULATORY ISSUE? BRIEF INTRODUCTION OF BRITISH PETROLEUM Read MoreThe Moral Issue Of Oil Companies Are Abusing The General Population Essay1270 Words   |  6 PagesThe Moral issue in the case we are confronting is that oil companies are abusing the general population, contaminating nature, weakening the governments regulations, and deceiving everybody for their profits which is not acceptable of a mammoth organization like BP. Oil being a natural resource is being extracted by the company for their vested interests neglecting the society and the climate. The food pyramid is getting affected due to its short cuts and lapse in guidelines and total negligenceRead MoreThe Discovery Of Oil And Its Impact On The Environment1433 Words   |  6 Pagesdiscovery of oil has led to an abu ndance of new opportunities that have helped people create new inventions with the biggest being the automobile. Major corporations have arisen from â€Å"The impact of oil derived, in large part, from its attractiveness as an energy-dense, easily deliverable source of fuel for transportation.† Oil is sometimes coined the term black gold because of its value. Corporations like Chevron have made billions of dollars in the oil industry. With the rise of oil, the destruction