BP “did not have the tools” to contain a deep-water oil leak, as they now admit. Their failure with that risk must now raise profound questions about how they handle other risks, in particular the threat that global oil production will fall prematurely, ambushing an oil-addicted world economy. That risk, “peak oil” as it is known, worries growing numbers of people, not least in and around the oil industry. But BP’s approach to it, until now, has been to pour scorn on the worriers. The company is a cheerleader in the global oil industry’s effort to persuade society not to be concerned about peak oil.
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BP CEO admits need for entirely new ways of handling “low-probability, high-impact” risks
Posted in Advocacy, Comment, Guest Post, International, Oil on June 8, 2010 | Leave a Comment »
BP “did not have the tools” to contain a deep-water oil leak, as they now admit. Their failure with that risk must now raise profound questions about how they handle other risks, in particular the threat that global oil production will fall prematurely, ambushing an oil-addicted world economy. That risk, “peak oil” as it is known, worries growing numbers of people, not least in and around the oil industry. But BP’s approach to it, until now, has been to pour scorn on the worriers. The company is a cheerleader in the global oil industry’s effort to persuade society not to be concerned about peak oil.
Read Full Post »