Ethical Concerns Regarding the BP Texas City Oil Refinery Explosion

Background BP was founded in 1908 under the name Anglo-Persian Oil Company. They changed their name to BP in 1954 and merged with Amoco in 1998. (BP Public Website, 2010) "Texas City refinery is BP's largest and most complex refinery, owned and operated by Amoco and operated by BP and Amoco before the merger." Michael P Broadribb, 2006) In that history, many accidents were caused by negligence or negligence of safety precautions.

The British Petroleum Company (BP) refinery in Texas City, Texas is the third largest refinery in the United States. Explosion and fire occurred at BP refinery in Texas City, Texas at 1:20 pm on Wednesday, March 23, 2005. 30 miles southeast of Houston. The BP refinery in Texas City had a major impact on the overall gasoline supply in the United States. The refinery produces approximately 10 million gallons of gasoline per day. This production accounts for about 5% of US gasoline sales. In addition to gasoline production, the BP refinery also produces diesel fuel, jet fuel and chemical raw materials. There are 29 refineries and 4 chemical units covering 1,200 acres of facilities. At the BP refinery in BP in Texas, BP has about 1,800 employees. About 800 contractors were on the scene in the event of an explosion or fire

After the Texas City refinery exploded in 2005, the stock price fell again. By January 2007, combined with leaks in the Alaska pipeline and production delay in the Gulf of Mexico, the inventory of BP decreased by 4.5% from the place before Texas City's explosion. However, as of April 2007, stocks recovered 13%, eliminating losses of 8.3% in 2006. Concerns over the fall in crude oil prices and oil sustainability also dropped the stock price at the end of 2008. In April 2010, the oil spill by Deepwater Horizon n began to sharply decline, and BP's stock price lost about 50% of its value within 50 days from a share price perspective. The stock price of BP reached a minimum of $ 26.97 per share on June 25, 2010, and began to rise again after the market price dropped by 100 billion dollars. At the beginning of 2011, stock prices reached up to $ 49.50 after oil spills.

BP is directly involved in several major environmental and safety incidents. These included the 2005 Texas City refinery bomb that killed 15 workers and brought record OSHA fine, the Great Britain's Oil Spill Incident in 1967, the Wreck of Tree Valley, 2006 Prudho Includes bay. Oil runoff was the biggest oil spill on the northern Alaskan slope, resulting in civil penalties of $ 25 million, the largest per barrel oil spill. The Deepwater Horizon oil spill incident in 2010 was the largest maritime accident in history and caused serious environmental, health and economic consequences, and severe BP impact on legal and public relations . Corexit oil dispersant of 1.8 million US gallons (43,000 barrels, 6,800 cubic meters) has been used for cleaning up and is the largest use of such chemicals in the history of the United States.