. . . June
---------
Oil spill cleanup: After digging deep to kill well, BP faces long climb
CSMonitor.com:
The final relief well 'kill' – performed 18,000 feet below the sea floor – provided little more than a symbolic end to a summer-long disaster that put the Gulf oil industry, resort towns, and fishing communities in the grip of a crude-infused calamity that reopened wounds from hurricane Katrina five years earlier.
To be sure, troubling questions remain about the amount of oil left in Gulf waters, its impact on the complex coastal biology of the region, and the long-term economic effects of a six-month drilling ban and the 20 percent premium that explorers now expect to have to pay to drill new wells in the Gulf because of drilling delays and insurance rate hikes.
Despite a loss of nearly one-third of its stock value (or $70 billion) since the spill began, BP will endure in the Gulf, where untapped deep-water deposits shape its future as an oil company. But given the overall hit to its corporate reputation and stock price, and after a series of PR blunders under former chief Tony Hayward, BP knows it must build a new image, much as Exxon did after the Valdez disaster in 1989. And with deeds, not words.
"This is ultimately a story about corporate reputation and corporate liability," says James O'Rourke, a management professor at the University of Notre Dame in Indiana. "Clearly, the litigators want everybody to shut up and say nothing and then fight the battle in court. But ultimately the court of public opinion may determine more of the company's forward success than a court of law."
Read More . .
