Lessons from the Gulf

At the BP oil leak Senate hearings, oil company executives
pointed fingers at each other. The gulf oil spill totals more
than 4 million gallons and counting. Flickr photo.
On April 22, AP reported the news - an initial April 20 explosion, then a larger one igniting Deepwater Horizon's oil drilling platform that burned for more than a day before sinking and releasing thousands of barrels of oil daily into surrounding waters, enough potentially to cause the greatest ever environmental disaster if not sealed in time to prevent.
Transocean Ltd. owned and operated the Deepwater Horizon platform under contract to BP Exploration and Production Inc., a division of BP - 4th on Fortune Global 500 with $239 billion in 2009 operating revenue and $14 billion in profits. It ranked fourth behind Royal Dutch Shell, Exxon Mobil and Wal-Mart. Of the world's 10 largest companies, six are oil giants. Transocean, an offshore drilling contractor, owns operates about 140 drilling rigs. More on its culpability below.