Monday, October 25, 2010

BP's (NYSE:BP) CEO Bod Dudley Blasts Media's Culture of Fear

While BP (NYSE:BP) chief executive officer Bob Dudley has taken responsibility for mistakes made by the company and the unfortunate consequences resulting from them, at the same time he has blasted the media for its jumping to conclusions far before the facts came in surrounding the incident.

Speaking at an annual conference held by CBI in Britain, Dudley said, "A great rush to judgment by a fair number of observers before the full facts could possibly be known, even from some in our industry.

"I watched graphic projections of oil swirling around the gulf, around Florida, across and around Bermuda to England - these appeared authoritative and inevitable. The public fear was everywhere."

Dudley called it a climate of fear which was created by the media.

Responding to criticism of BP's practices from major competitors like Shell (NYSE:RDS-A), Exxon (NYSE:XOM) and Chevron (NYSE:CVX), Dudley said BP's practices are how the general industry operates, and not specific to BP alone.

Their rivals have contradicted that conclusion, saying they wouldn't have drilled in the way BP had.

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