The Price Of Reputation

BP has put a final number to the cost of cleanup for its oil rig blowout in the Gulf — $61.6 billion.  The hard part for the company is that it isn’t going to win back its good standing even with the payout.  Regulators and governments will take a close look at its drilling projects and operations for years to come.  The firm won’t get an easy approval on anything.  Call that the price of reputation, and it is worth billions more than the final cost of a faulty well.  BP is working on its standing.  It is advertising its concern for safety, probably in the hope that most consumers have forgotten the incident or can’t remember which oil company caused the mishap.  One wishes the company good luck, but it is unlikely to make much difference.