Introduction. The Deepwater Horizon Was The Largest Marine

The purpose of this paper is to examine one of the largest offshore oil spills in U.S. history, BP’s Deepwater Horizon explosion in 2010. This paper seeks to investigate closely the system and the reasons of failure, to answer the questions behind numerous studies on this accident, Is Deepwater Horizon explosion inevitable? and What can we do to avoid such accidents?

Government departments are instrumental to a flourishing and secure economy. They are in place to serve their constituents and ought to keep that in mind. The Federal Deposit Insurance Corporation (FDIC) fits this well and is in place to ensure that bank users are protected in instances of economic downturn and that their money is insured. In this way, regulation is extremely necessary to ensure a stable economy in instances of financial instability. To completely understand the FDIC, it is important to understand why and how it was created, its history, major responsibilities and who the leaders are.

The Deepwater Horizon Oil Spill occurred on April 20, 2010 in the Gulf of Mexico. This oil spill was the largest spill in history in front of the Exxon Valdez oil spill of 1989. This oil spill released about 4.9 million barrels of oil into the ocean. This spill not only wreck havoc on the marine life but also the economic players that depended on ocean such as fisherman, tourism, and offshore drilling located along the gulf coast. Along will the spill the oil rig which was named Deepwater Horizon also went up in flames. This proved that the issue went far beyond just an oil rig that blew a line. Since this oil spill had drastic impacts all along the coast, BP which was the most liable for this incident faced criminal charges based on what happened. BP which knew the risks of deep ocean drilling failed to take the necessary safety procedures to reduce the risks of such incident occurring, thus was the reasoning behind placing most of the fault on them and not the other companies. The lack of regulatory oversight led to the issues and cost-cutting procedures opened the rig up to possible malfunctions like the one that occurred. During the spill into the gulf, BP sealed the well with cement which seemed to stop a majority of the oil from escaping the well. BP also recognized that the well was “dead” which was proven wrong when scientists still could conclude was leaking minor amounts of oil into the ocean. This spill not only proved to be harmful to the environment but also

On April 20, 2010, the petroleum industry suffered the largest maritime disaster oil spill in its history known as the Deepwater Horizon oil spill. The Deepwater Horizon oil rig that had been working on a well for BP in the Gulf exploded and went up in flames. Subsequently, massive amounts of oil spilled out into the water, threatening the marine life and those living on the shore. The fire burned for 36 hours before the rig sank into the ocean, leaking dangerous chemicals into the water. Hydrocarbons and oil continued to leak into the Gulf of Mexico for 87 days before they managed to seal the well. “The Gulf spill, which left 11 workers dead and 17 injured, is about the size of Rhode Island, running across the northern Gulf of Mexico between the mouth of the Mississippi River and Florida. It runs wide, threatening the coastlines, and deep, traveling beneath about 5,000 feet of water and 13,000 feet under the seabed,” (Emami, 2010). BP faced an angry uproar from the media, consumers, and environmentalists all over the world. The economy and the environment suffered greatly because of this incident. As investigations began, speculations quickly arose about the morals and capability of the company. The one positive image of BP had been shattered. Customers lost faith in the company and criticized the actions of its executives. Tony

On April 20, 2010, the Deepwater Horizon, claimed by Transocean and contracted to BP, encountered a sad and yet powerful blast,ending with the lives of eleven specialists. It additionally uncapped an ocean depths gusher that streamed for 87 days. An expected 210 million gallons of oil hurried into the Atlantic waters, destroying marine natural life and conveying the tourism and fish enterprises

The BP Gulf of Mexico oil spill tells the tragic story of what happened on the Deepwater Horizon drilling rig back in April 2010. The rig, leased from another vendor, was digging a well on the Macondo slope in the Gulf when it exploded and fatally killed eleven employees and injured seventeen others (Crandall, Parnell, & Spillan, 2014). Not to mention, five million barrels of oil spilled into the sea causing an environmental issue that lasted more than ninety days.

Government intervention is common in today’s market society. Although difficult to identify at times, it is ever present in most transactions that occur. The idea behind the involvement is promotion of the welfare of the citizens that reside within the government’s rule. Whether establishing or promoting economic growth, employment, income equality, or stabilizing interest rates, the government feels that their hand in the transaction is for the benefit of the consumer. Market failures can be argued in favor or in contradiction of big government. No matter the opinion of the individual, the masses are able to enjoy cleaner air, water, and ground due to increased guidelines set by governing officials.

Since the Deepwater Horizon explosion happened nearly six years ago there have been countless reports on the explosion and scientific studies on what cause it as well as its impact. There have also been investigations into the internal workers of BP and they concerns about the rig prior to the explosion. This case brings up social, political and environmental issues to light and the approaches BP had to each of these issues.

In the U.S. the Government still maintains some control of factors of production and responsibility to maintain a steady economic pace. It uses a mix of two types of economic policies for achieving economic stability, fiscal policy and monetary policy. The congress established that monetary policy to promote effectively maximum employment, stable prices and interest rates is to be the main objective of the Federal Reserve, the nation’s central banking

On April 20, 2010, the Deepwater Horizon oil rig, located in the Gulf of Mexico exploded killing 11 workers and injuring 17. The oil rig sank a day-and-a-half later. The spill was referred to as the Deepwater Horizon oil spill, BP oil spill, Gulf of Mexico oil spill, and BP oil disaster. It was first said that little oil had actually leaked into the ocean but a little over a month later the estimate was 12,000-19,000 barrels of crude oil being leaked per day. Many attempts were made to stop the leak but all failed until they capped the leak on July 15, 2010, and on September 19 the federal government declared the well “effectively dead.” In the three months that it took to finally put a stop the leak, 4.9 million barrels of oil were

Governments may intervene in the market system to fix prices above or below equilibrium if they believe that it is in the public interest to do so. Governments may intervene in the provision, regulation, maintenance and management of public goods to maximise the benefits to the

The BP Oil Spill An Introductory Background - One of the most controversial ecological disasters in recent history focused on multinational British Petroleum and their Gulf of Mexico Operations. The Deepwater Oil Disaster began on April 20, 2010 with an explosion on the Deepwater Horizon Oil platform, killing 11, injuring 17. It was not until July 15th, however, that the leak was stopped by capping the wellhead, after releasing almost 5 million barrels (206 million gallons) of crude oil, or 53,000 barrels per day into the Gulf of Mexico. It was not until September 19th that the relief well process was complete and the U.S. Government, EPA, and Coast Guard agencies declared the well breach effectively stopped (Cavnar, 2010).

The goal of financial regulation is to increase efficiency in the market, as well as enhance the market 's ability to absorb shock caused by financial instability. There are many reasons for financial instability, but it can be narrowed down to

Deepwater Horizon oil Spill: BP’s drilling platform in the Gulf of Mexico had an explosion in April 2010, causing the “largest oil spill catastrophe in the petroleum industry history”. It caused the death of 11 men and injury to several others. “More than 150,000 barrels of crude oil gushed into the sea, every day, for almost 5 months and up to 68,000 square miles of the Gulf 's surface were covered” (1).

On April 20, the explosion on the Deepwater Horizon drilling rig in the Gulf of Mexico led to the largest accidental release of oil into marine waters in history. As a result, a huge loss of money and life was caused and affected serious environmental damage to wild animals and water pollution. BP was accused of their irresponsibility that it took 87 days before the well was closed and sealed. BP’s shares