Question

The petroleum industry is strongly involved in self-regulation. What are the reasons for this? Might this arrangement suit certain parties? Which are these? What are the consequences?

Answer 1

BP which was engaged with an acclaimed profound skyline oil slick was later found to accuse its accomplice Transocean for the fiasco of oil slick expressing it was the duty of the oil rig proprietor to make it secure and keeping up the wellbeing forms which are critical to guarding the oil rig. Neglecting to stick to the fundamental wellbeing and safety effort prompted this calamity and consequently the real party to be accused ought to be Transocean and not BP.

By denial of the responsibility of this oil spill, BP is shrugging off its partners when the issue has happened to give a negative signal to the other business partners operating with BP. This will make distress among the colleagues and unquestionably, the vital move will be made by everybody to obviously make reference to the limit of obligations and possession and being consistent with it if any such circumstance were to occur in future.
Hence, the act of BP to shrug off the responsibility of the disaster was a negative connotation towards its business partners.