In April 2010, the explosion on the British Petroleum (BP) Deepwater Horizon drilling rig killed 11 workers and injured 17 others. The rig continued to gush oil into the Gulf of Mexico until it was capped on July 15, 2010. The well was declared effectively dead by the United States federal government on September 19, 2010. By this time, almost 5 million barrels of crude oil leaked into the Gulf. Marine and wildlife habitats were damaged, and tourism and fishing industries were crippled along the Gulf Coast. Fishing grounds, national parks, wildlife sanctuaries, and beaches across Louisiana, Mississippi, Alabama, and Florida were threatened by the spill. The economy of this region was damaged by the spill. Many businesses were forced to close, and many people were left unemployed. The BP oil spill is considered an example of why many businesses and organizations need better corporate responsibility standards.
1. Why is the BP oil spill considered a matter of corporate social responsibility? .
2. Discuss the BP oil spill in relation to business ethics. .
3. Which stakeholders were affected by the oil spill? How were these stakeholders affected? .
4. The natural environment is considered a stakeholder. What is BP's responsibility to the environment? .
5. How will this crisis affect the way businesses create their strategic plans?
As one of the covenants of doing business, corporations have responsibility towards the community and environment in which it operates. British Petroleum (BP), a multinational oil and gas company, has an obligation to protect consumers, stakeholders and the environment as a guiding principle of the organization. The devastating British Petroleum (BP) oil spill is considered a manner of corporate social responsibility because it is expected that a corporation would take adequate precaution and care to prevent such a disaster. The company is involved in a industry fraught with risks, however, stakeholders have a right to ...
This detailed solution discusses the business ethics and corporate social responsibility involved in the BP Gulf Coast Oil Spill. It identifies stakeholders that were affected, and how this crisis will affect BP's strategic plans. APA references are included.