The BP oil disaster highlights the issue of corporate responsibility, which saw itself eroded as a critical social concept under the term of President Bush. Corporate responsibility is integrated into a company's business through self-regulation and the acknowledgment of the public's interest in corporate decision making. Businesses benefit from developing business plans that focus on the long-term, broader vision, rather than only short-term profits, because it creates public support and positive community outcomes. However, BP's Gulf oil spill has provided an excellent example of why more businesses need better corporate responsibility standards, and to abide by the rules -- both written and socially implied -- already in place.

BP's share value has steadily fallen since the April 20th rig explosion and continues to slide with every failed maneuver to stop the oil leak. In fact, the company acknowledges that a permanent solution for containment of the oil will not be available until August. While there is no guarantee that the relief wells being dug will contain the spill, the damage to BP's value and reputation has already been done -- by a failure to take every responsible precaution in the first place.

No one can estimate what effect this oil spill will have on the Gulf region for years to come. Each day, more tar balls wash up on the shores of once pristine beaches and each day we see more photos of pelicans covered in gunk. Who will repair the damaged wildlife habitats and restore the oil-slicked wetlands? Will the Gulf seafood industry be able to rebound? Will oil continue to flow until it reaches the Gulf Stream and ends up on the eastern shore of the U.S.? Who should take responsibility and be held accountable for these worst case scenarios?

Dr. Gary Dirks, the Executive President of BP China, gave a speech in 2001 outlining BP's plans for corporate social responsibility, stating:

"We believe that wherever we operate our activities should generate economic benefits and opportunities and our conduct should be a source of positive influence; that our relationships should be honest and open; and that we should be held accountable for our actions."

Indeed. Can John Q. Public actually believe that this company is financially and ethically invested in the betterment of society given BP's response to the Gulf oil spill? From the amount of money that the oil industry spends lobbying to reduce financial damages for oil disasters, to buying Internet keywords to promote their spin on the disaster, BP does not seem to be taking the oil spill seriously. Hopefully this oil disaster in the Gulf will make the public and the government take the idea of enforcing of corporate responsibility more seriously. Because we can't count on major corporations to do so.

As Barbra Striesand stated in a recent article on The Huffington Post, we cannot expect corporations to self-regulate. We need to be the enforcers of community standards for businesses, unless we want more disasters like the BP Gulf oil spill to threaten even more fragile elements of our society.