Introduction. The Deepwater Horizon Was The Largest Marine

Introduction The Deepwater Horizon was the largest marine oil spill in the American history. It occurred in 2010, and was caused by an explosion that occurred on the Deepwater Horizon offshore southeast of the Mississippi River delta (Boyd, 2010, p.25). BP tried in all ways to curb this explosion or marine oil spill, but after some failed efforts to fix the leak, they thought they capped the well. However, they only managed to stop the flow of oil into the Deepwater Horizon after 86 days of failed efforts. The BP Oil Spill remained a topic of intense debate. Ideally, they talked about the rate of oil release rapidly. Apparently, their consensus was that approximately five million or more barrels of oil were spilled by the well, with an†¦show more content†¦It also makes the assumption that the market is fragile and if left alone will operate in an inefficient manner. The government or the politicians in this case act as regulators or neutral arbiters. In the public interest view, the pol iticians regulate the efficient flow of money in banks. Without this, the banking system would be in chaos since the politicians ameliorate market failures in the banking system. In the banking system, the interest of the public is to ensure that the banking system allocated resources in an efficient manner that is by maximizing output and minimizing costs. The role of the politicians in the interest theory is, therefore, to act as neutral arbiters and to ensure that markets operate in an efficient manner without failure. The politicians as regulators are motivated by their desire to make sure that the economy or market flows in an efficient manner (BP p.l.c., 2011). Politicians are the ones who keep things running in the country. For instance, in the banking system, if the economy is stagnating, the politicians regulate the banks by urging them to increase the amount of money in circulation. The banks in the event of increasing the sum of money in circulation do so by decreasing the lending interest rates and the deposit interest rates so that theirShow MoreRelatedBritish Petroleums Crisis Handling Practice1113 Words   |  5 PagesINTRODUCTION In 2010 British Petroleum’s Deepwater Horizon oilrig1 suffered a devastating explosion that resulted in the death of 11 workers and initiated the largest marine oil spill the world had or has ever seen (Pallardry). This spill also became the largest offshore environmental disaster in United States history (Elliot). Over 200 million gallons of crude oil were pumped into the Gulf of Mexico (Hoch), polluting over 16,000 coastal miles in the states of Alabama, Florida, Louisiana, MississippiRead MoreThe Deepwater Horizon Oil Spill1816 Words   |  8 PagesIntroduction The Deepwater Horizon oil spill (also referred to as the BP oil spill) occurred in the Gulf of Mexico in April of 2010. 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