Provide a 7 pages analysis while answering the following question: The Gulf Coast BP Oil Spill. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Since the April 20 Explosion, approximately $430,000 a day has floated into the surrounding ocean, killing wildlife in the process. Market losses have resulted in a value of at least $25 billion. Comparatively speaking, clean water to half a billion people is a $15 billion expense. At present, environmental disaster experts estimate that $300 million will be required to merely to control the spill prior to clean up (Visual Economics 2010). The direct human impact of the recent Bp explosion calls forth immediate examination of risk assessment and management on drilling sites, but those risks and their costs are, of course, known by employees, with full liability sustained only by proof of negligence on the part of the company (International Finance Corporation 2000). Human error and the potential for partial liability on behalf of those working on site has been a critical part of like explosion investigations. In 2005, an explosion and fire at BP’s Texas City refinery killed 15 workers, injured many more. In 2007, Bp was obligated to pay US authorities $373.5 million in fines relating to the 2005 explosion, as well as the 2006 Alaska oil spill, and a propane price-fixing scandal (Hoovers 2010). Mitigation is an inherent aspect of doing business as an oil conglomerate, however. For instance, the discovery of corrosion in a major oil pipeline in 2006, forced BP to close down part of its Prudhoe Bay oilfield (which represents 8% of daily US crude production) for several weeks. The intrusion of the oil refinement process(s) into waterways, and the coordination or disjuncture between international regulation on such endeavors and U.S. federal laws pertaining to restrictions on oil drilling in response to a history of environmental legislative amendments toward preservation and protection of ocean territories within U.S. sovereign jurisdiction.

According to the United Nations IMO International Convention on Oil Pollution Preparedness, Response and Co-operation (OPRC) designed to assist Governments to combat major oil pollution incidents, the earlier 1971 Convention became international law in May 1995. Designed to facilitate international co-operation and mutual assistance on major oil pollution disasters, the Convention was funded toward an adequate capacity to deal with oil pollution emergencies. In 2000, amendments to “raise the maximum amount of compensation payable from the IOPC Fund for a single incident, including the limit established under the 2000 CLC amendments, to 203 million SDR (US$260 million), up from 135 million SDR (US$173 million).