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  1. The significance of the carbon footprint in today's oil industry
  2. Specific companies
  3. Recommendations for BP
  4. Impact of regulations on the oil industry

BP, which is popularly known as British Petroleum, is the world's third largest energy corporation. In 2010, BP, which has $272 billion worth of assets, registered $308 billion worth of profits. BP has more than 79,000 workers employed in different capacities in branches across the globe. The company has its headquarters in London. In 1901, the then Shah of Iran, Mozaffaroddin Shah, ratified a concession that gave William Knox D'Arcy's Anglo Persian Corporation the right to prospect for oil in his nation. The Burma Oil Company would take over the Anglo Persian Corporation in 1909. The Burma Oil Company had its name changed, in subsequent years, to ?the Anglo Iranian Company', then to the ?National Iranian Oil Company'. After the CIA-backed coup that overthrew Iran's premier Mohammed Mossadeq in 1953, the National Iranian Oil Company was renamed the British Petroleum Company.

[...] At present, many Western nations have regulations that seek to curb carbon dioxide and methane emission. In Europe, oil companies have to abide by the cap-and-trade scheme which sets a limit to the amount of carbon emissions their operations can discharge. Oil refineries have to reimburse the government for the emissions they discharge. In the United States, the Kerry-Boxer and the Waxman-Markey bills were created to curb the discharge of carbon emissions (Sonibare and Akeredolu 2006). Methods such as benchmarking have also been proposed as a way to reduce carbon emissions. [...]

[...] In 2008, the company officially stated its objective to meet the challenge of generating energy without necessarily increasing the levels of carbon dioxide in the atmosphere. It also released a report that stressed that one of its goals is to champion the use of cleaner energy sources such as wind power. Exxon-Mobil Like BP, Exxon's public image was damaged by the spillage disaster which occurred at Prince William Sound in Alaska more than 25 years ago. The oil spill led to the death of marine life, and the subsequent reduction of tourists and fishing expeditions. [...]

[...] Moreover, few companies directly speak of such concerns and the need to find alternatives. Oil companies have confronted this reality because their future survival is dependent on how fast they can find alternative fuel sources. However, they are not likely to disclose their findings to the public- particularly if they are unfavorable. If they were to share their findings in a public setting, they would have to reconcile themselves to the possibility of losing proceeds. Most oil companies, even when faced with the possibility of their reserves drying out, still entertain the notion that more reserves will be discovered in the near future. [...]

[...] BP has to implement serious changes in order be perceived as being serious about controlling the discharge of carbon emissions. This is because even the methods that could be used to assist in the implementation of alternative fuels are lacking in the company's objectives. According to Andres et al. (2012) even Western nations do not have structures in place to effect the transformation from large scale oil use to alternative fuels. Even though alternative energy sources have many benefits, many global citizens are still not convinced that they should change their choice of fuel. [...]

[...] (2012) carbon emissions cause changes such as global warming and the depletion of nature's resources. High carbon emissions can also cause the rise of the sea level. Due to incessant campaigning about global warming, many companies today are aware of the significance of preservation efforts, and have themselves committed to creating programs that reduce the discharge of emissions. For oil companies, such programs recommend activities such as operational improvement, the measurement of processes, and the integration of carbon-abatement objectives. Moreover, for most oil companies, the reality is that the financial resources necessary for such programs may not always be forthcoming. [...]

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