and call unwelcome attention to environmental practices and records.
• BP's Deepwater Horizon oil spill of 2010, was the largest marine oil spill in history, causing untold environmental damage and dire economic effects across the Gulf Coast states. The disaster made BP CEO Tony Hayward a source of global derision and had the additional economic consequence of a moratorium on offshore drilling that left an estimated 8,000–12,000 temporarily unemployed. By the following year, Hayward lost his job and the company had lost almost a quarter of its market value.48 As of 2015, BP estimated the disaster cost the company $54.6 billion.49
• Wal-Mart built the promise of “everyday low prices” into the largest retailer in the world. But fulfilling that promise means squeezing profit out of every transaction throughout the supply chain and labor market. How long, critics wonder, can this business model sustain itself?50 As Michelle Chen argued in a 2015 article in The Nation, “Every pricetag in Walmart's food inventory – which accounts for a quarter of the nation's grocery bill – is the product of agricultural subsidies, financialized commodities exchanges, and hyperinflated marketing.”51 Similarly, a report by Americans for Tax Fairness concluded that Walmart's low-wage workers cost U.S. taxpayers an estimated $6.2 billion in public assistance, including food stamps, Medicaid, and subsidized housing.52 Walmart's success at addressing the economic and social costs of these practices around the world has been mixed. In 2005 the company set out bold environmental goals including making 100 percent of its energy supply renewable and create zero waste, which have not met initial timelines. The retailer's own guidelines for ethical and sustainable sourcing, which pledged that outlets and suppliers “must fully comply with all applicable national and/or local laws and regulations…related to labor, immigration, health and safety, and the environment,” while admirable, have drawn unwelcome attention to its own labor practices.53
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