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Present a case study based on a current news story which illustrates the microeconomic concepts - Essay Example

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On November 28th 2012, the Financial Times ran a story reporting the British Petroleum’s ban from winning any business tenders with the government of the United States of America. According to the story written by Guy Chazzan, the Environmental Protection Authority of the…
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Present a case study based on a current news story which illustrates the microeconomic concepts
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Present a case study based on a current news story which illustrates the microeconomic concepts

Download file to see previous pages... ment by the company in taking its responsibilities thereby recommending the cut of any business transaction between the company and all government agencies. However, the ban did not affect the existing contracts thereby applied only to any other new contract that the company would gain interest in. The company admitted knowledge of the ban and said that they were doing everything within their reach to redefine the relationship between them and the government thus lifts the ban.
The 2010 deep water disaster arose after an undersea oil pipe burst thereby killing more than eleven Americans and resulting in the worst environmental disasters in the world. The British Petroleum thereafter pleaded guilty of all the accusations leveled against it by the American government after which it embarked on a massive environmental cleaning process and the compensation of all the victims of the accident. Apart from the human loss, the oil spillage resulted in the death of millions of aquatic life and the destruction of business for thousands of America investors as several beaches within the gulf filled with the oil sediments.
On 15th November 2012, BP had reached a consensus with the justice department to pay four and a half billion dollars thereby ending all criminal charges leveled against it by the government. The company therefore reiterated their commitment to work closely with the American institutions to ensure that such an accident does not recur and that it settles all its obligation in relation to the accident. However, according to Charles Teifer, a government contracting specialist and a professor of law at Baltimore University, the ban served as a warning to the company and to other stakeholders in the oil drilling business.
Teifer explained that such a ban communicated American commitment to protecting its territories especially after suffering the greatest loss because of the carelessness on the part of the company. On the other hand, the environmental authority ...Download file to see next pagesRead More
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