The Houston Chronicle has an interesting article about British Petroleum and its safety record in today's edition.
Even after killing 15 people and injuring hundreds in 2005 at its Texas City refinery, and pleading guilty to a felony as a result of its conduct leading up to that explosion, BP apparently has not learned its lesson.
According to the Houston Chronicle, since the 2005 explosion, BP's Texas City refinery is still the nation's most dangerous.
For some reason, the federal government apparently believes that a $50 million dollar fine for BP's felonious conduct would be sufficient punishment.
(Tell that to the parents, siblings, and children of the 15 people killed in 2005 and the 4 people killed since then.)
Many safety focused attorneys have objected to the proposed fine as too lenient. Why?
Simply put, it is too lenient. A $50 million dollar fine for BP (which is worth billions) is like a fine of less than one penny for someone with ten dollars. It's just not high enough to have any deterrent effect. It doesn't register.
Rather than have a meaningless, arbitrary fine, that will have a minimal effect on BP's bottom line, some people have suggested that the fine should be tied in some way connected to BP's net worth or profits. That is the only way for the fine to have any "bite" to it. Otherwise, the fine is basically meaningless.
What do you think? Feel free to comment below.
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