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Bp Green

In: Business and Management

Submitted By sherar
Words 960
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Pull into a BP station this holiday weekend and you may notice a green and yellow starburst over the pump, an image intended to remind you, as you�re emptying your wallet of $20 bills, that at least you�re supporting a green company. BP, after all, was the first oil giant to publicly acknowledge the risks of global warming, back in 1997. The firm has cut its own carbon emissions 10% below 1990 levels and last year established an alternative energies division. It�s investing big money — $8 billion over the next decade — on renewable fuels, such as wind and solar power. Just last week, BP announced a partnership with DuPont to develop and commercialize advanced biofuels (superior to ethanol), starting next year. Even if you�re being gouged at the pump, as you might suspect, BP at least seems to be putting its profits to good use.
But just how socially responsible is BP? The question has come into stark relief following a series of environmental and safety lapses — and, as of this week, Federal charges of price-fixing — which have muddied up the company's carefully cultivated image. In March, BP�s Exploration Alaska subsidiary spilled more than 200,000 gallons of crude oil near Prudhoe Bay, the largest North Slope spill ever. A Federal grand jury is investigating the spill, caused by a rupture in a corroded pipeline, and may bring criminal charges. BP has denied that it acted negligently regarding the spill.
BP�s safety record is also under fire. U.S. regulators are investigating BP's Texas operations, following a 2005 explosion at a refinery in Texas City that killed 15 people and injured more than 170. BP agreed to pay a $21.4 million fine in a partial settlement with Federal regulators. And in April, the U.S. Labor Department fined BP $2.4 million for safety violations at another refinery in Ohio; in a sharp rebuke, a U.S. Labor Department official stated that BP

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