It is clear that BP did not get in front of the issue and allowed itself to be put in the position of reacting to events, rather than driving them. It’s not too late for BP to create a leadership position, but will require expansive thinking and fast action. Management should first stop casting blame on its contractors Halliburton and TransOcean. This type of activity simply begs Congressional Committees to dig deeper. Even President Obama got into the fray and told the CEOs of the three companies to stop the blame game

Further, BP should consider a bold step that will show Congress, regulators and the oil industry at large that it is serious about both safety and environmental protection. Something like creating a consortium of energy companies that develops basic procedures and safety standards, as well as creates a fund that would be used to clean up spills and protect the environment going forward.

Next, BP needs to get in front of the liability question. There is currently a $75 million cap that will be a drop in the final clean up cost bucket. At a recent press conference, BP was pressed to define its statement that it will pay “all legitimate claims.” While reluctant to extend its already massive liability, BP should more carefully define what it will pay – or Congress may define it for them.

Finally, BP must address the environmental issue. New reports contend that there is an enormous pool of oil under the service that is cutting off oxygen to sea life. This pool is potentially more damaging than the slick on the surface. BP has to come clean about exactly how much oil is surging from the well, the potential environmental effects and announce a plan to mitigate these effects.

Capping the well is critical, trying to cap off the flow information about the disaster is a failed strategy and is ensuring that new details leak out piecemeal and prolong the public relations disaster for BP.