Oil Companies

In: Business and Management

Submitted By smyers2
Words 1778
Pages 8
Oil Companies: Where Should the Money be Spent?
Jerrilynn N. Stanwood, Stephen Myers, Min Kim, Josue Fernandez, and Angel Paz
California State University Long Beach

Introduction
Our case study was on major oil corporations and how they constantly advertise their business in the media but never present their mistakes to the public eye unless they just so happen to hit newspapers or television. Oil companies should always be concerned in making sure that all their equipment is running correctly and safety procedures are put into place in order to insure that they do not make any errors. This is especially true for off-shore drilling. Mistakes can cause great amounts of damage to wildlife and to people as well. An oil company that spends any amount of money advertising to the community about their work with the environment and endangered species should also be able to do the same and admit when they have make an error. Our group was faced with a question of whether oil companies should spend more time and money on preventing oil spills or building shelters for some of the endangered species and we found it more important to spend money on preventing the oil spills.
Oils spills are always happening. They are mostly small but sometimes they can be large and catastrophic for both land and sea. An example of this problem can be related to BP’s 2010 oil spill caused by off-shore drilling. Big oil companies have “a powerful partner in the U.S. government, which isn't eager to see BP cratered since the cost of cleaning up the mess would then land in its lap“(Sorensen, p. 55). Whether it is bad for business or not if they announce the error they have made, since the U.S. government does not want to deal with the spill alone, they will have to deal with fines but will have help. On top of that “BP also has an estimated US$250 billion worth of assets that it can sell if…...

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