An article from The Economist (Jan 18 2007) talks about BP paying the price for its mistakes but it also mentions that its competitors are facing similar problems in fact BP is in a better position. After theTexasblast BP increased safety standards in other refineries inAmericaand they also compensated with $1.6billion to the families of the dead.
But the report mentions that there is something wrong with BP’s safety practices and not their budgeting. The firm focuses on personal accidents like falls and car crashes more as compared to operational and engineering faults. BP has invested more and hired more officials to improve safety standards. Tony Hayward had to say that BP’s top management was too arrogant to consider the problems faced by the employees at the lower levels. Some observers believe that the management is not very assertive. The company needs to be reorganized since its units have gained too much autonomy that needs to be reduced as it is difficult to control them. It is important to ensure consistent standards and policies. All this menace is created due to the high price of oil.
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