The ramifications for corporate America and particularly, the oil industry, from the Gulf of Mexico oil spill are becoming clearer. In his 15 June 2010, address to the nation, President Obama stated his financial and operational expectations of BP prior to his meeting the company’s CEO, Tony Hayward on 16 June.
In essence, BP will be required to fund compensation for the families of dead and injured workers and those who are suffering economic hardship as a result of action which the President described as “reckless”. The distrust of BP was evident by the compensation fund, which is likely to be billions of dollars, being administered by a third party.
But the BP spill has changed the way that oil exploration and extraction will occur in American waters. Continue reading “Off shore drilling safety will change forever”