Descending Profits

Descending ProfitsThe historical oil spill due to an explosion at the Gulf of Mexico in April 2010 caused great damage not only to the sea creatures living in the deep body of water but also to the economic livelihood of the people living near its coasts. History would remember it as scientists considered it to be a near-apocalypse predicament as it could not have only brought damage to the residents nearby but could have wiped out different underwater creatures up until the Atlantic Coast which meant negative effects to people’s health and employment since most of these people depend on the sea for income resulting to the drastic descend of profits.

Not only businesses and lives near the Gulf of Mexico were affected by the oil spill, BP Plc., the London-based oil giant famous for its slogan “Beyond Petroleum”, had great financial difficulty since then as its image being a conscious energy company was marred since it was the one who was leasing the Deepwater Horizon, the drilling rig where the explosion happened. Being the third largest oil company in the world with billions of dollars in market value, the company was reported to have been paying dividends to pay their creditors since June 2010. Since then, BP Plc, has been trying to get up on its feet to get back what it had lost. It was recently reported in New York Times that despite the great effort and different strategies, the company’s profit has been falling and the high oil price increase demands in the United States and other developed countries. BP was reported to have sold most of its stocks because of the tragic oil spill that happened a few years ago and to help increase their profits, the company has explored and tried to get the assistance of companies in India and Russia. However, because of the rift between North Africa and the Middle East, destruction in demand is also foreseen by the investors as they continue waiting for reports of the exact amount of loss due to the Gulf of Mexico cataclysm.

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