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In accord with the UNFCCC (i.e. United Nation Framework Convention on Climate Change), the Kyoto Protocol which is a Framework Convention on Climate Change with the objective of reducing by 5.2% Greenhouse gases emissions (to the level specified in the treaty) that cause climate change. BP and the other oil companies are adhering to those regulations laid by the government to some extent and playing a significant role of politics of global warming safety measures, the main scope of BP is to emit low emissions to the atmosphere and to stabilize the green house gas emission and prevent dangerous hazard to climate change. Oil industry plays a vital role in mitigating the global warming. Though through research and new invention of technology to reduce the low gases to the atmosphere and implementing efficient energy measures. The recent gulf disaster was due to lack of safety measures that had been carried out in the plant, because an inspector from the department of energy and climate change, the UK government body monitoring compliance with companies' approved emergency plans, also citied that 'BP had not complied with rules on regular training for offshore operators on how to respond to an incident.' (www.ft.com) Therefore the oil industry runs in volatile environment and need to consider every aspect of its business due lots of rules and regulation had been imposed on the business

Economic

The oil industry has major role in the economic performance of the nation's economy, of all different sectors transport is most exposed to the effects of global supply and price shocks, because ground transport and air transport mainly rely on the petrol and kerosene, these oil cannot be replaced by any other commodity. Since transport highly depend on oil industry where transport has great impact on all the business operations in UK because of integrated transport system according to IMF, the average price of petroleum tend to rise continuously during the year 2005 the price rose to 50%, where it was 31% in 2004, and late in 2005 the price rose to 65% which shows there is a great demand for oil and the production isn't sufficient to meet the demand. This imbalance was started in 2203 where demand increased on global oil; in addition to this the demand increased due to emerging market like china had an apparent increasing trend in the oil market.

Prices are mainly determined through the Organization of Petroleum Countries (OPEC), is an intergovernmental organization made of 12 nations. Besides that 'The OPEC's missions is to co-ordinate and combine the petroleum policies of Member Countries and guarantee the stabilisation of oil markets in order to secure an efficient, economic and standard supply of petroleum to consumers, a stable income to producers and a reasonable return on capital to those investing in the petroleum industry'.

In accordance to the supply-side the OPEC is a major player. They provide about 40% of the world supply and holds about 70% of proven reserves -and non-OPEC producers. It aims to maintain excess mining capacity with a view to influence crude oil prices.

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