Off Shore Drilling

For years the oil and gas companies have been telling us (the American public) how safe off shore drilling is, and they’ve been trying to convince us that they have contingencies for anything that might happen, and that there’s no substantial risk to our environment.

Well, take a look at the Deepwater Horizon oil platform in the relatively tame Gulf of Mexico and the inability of the world’s largest oil company to stop (or even really slow) a huge oil leak and consider who ill prepared the oil companies would be to handle a spill anything like this is the Gulf of Alaska (or any place near the Artic) in the middle of the Winter — or what could happen in the Gulf of Mexico or Atlantic seaboard during hurricane season.

Yes, I think it’s a travesty that the Federal Government didn’t have any contingency plans for oil spills of this magnitude — but don’t point a finger at the current administration; you’ll find that’s been years and years in the making (and least you forget, we just had an “oil and gas man” in the Whitehouse for eight years), but in the end, it is the industry itself that is ultimately responsible for the impact of their decisions to use such a small amount of their profits to insure the safety of their endeavors — and it is the companies that should be made to pay for the damages they’ve caused.

Damages to the coastal ecosystem of Louisiana, Mississippi, Alabama, and Florida are increasing hourly as BP does little to stem the disaster — except possibly try and contain the public relations damage.  While BP stock is down 40%, first quarter 2010 saw record profits — and in the end, I suspect BP will find a way to pass all the costs and loses onto consumers and reward their investors.  BP CEO Tony Hayward has already assured investors that the company has “considerable firepower” to cope wit the severe costs… but missing are statements to the world that they’ll commit the “firepower” it’ll take resolve this disaster.

Bottom line, perhaps rather than increasing the leases for off-shore drilling it’s time to pull back all the currently unused leases and start heavily fining the oil and gas industry for any and all violations.

NASA Satellites’ View of Gulf Oil Spill

Originally posted 2010-06-07 02:00:25.