BP's reputation has taken a shellacking with the Gulf of Mexico spill which threatens to destroy the fisheries of the Gulf Coast and the wetlands of Louisiana. BP faces enormous clean-up and compensation bills. It's also looking at a barrage of lawsuits, and a political backlash against the deep-water drilling which is such an important part of its business.
But then, everyone seems to hate oil companies. They all have bad reputations. As John Hofmeister writes in the Booz Allen Hamilton journal strategy+business, oil companies are plagued by several image problems, starting with fuel prices and the fact that the product itself is unappealing. He claims much of the poor image is self-inflicted. Transparency and open communications have never been their strongest cards.
But it goes beyond transparency. The Gulf of Mexico oil spill show us what's wrong with oil companies. They blindly pursue profit, even if that means damaging communities and the environment. Check this list of oil spills going back to the 1940s and see for yourself.
Transparency and openness would be just one step. Better controls and rigor protecting the environment would be even more important and a sign that they want to fix the damage they have caused.
no comment untill now