British Petroleum’s (BP) environmental disaster off the Gulf Coast has dominated the news headlines for several weeks. Unfortunately, the media seems to have limited its focus on the oil spill and not on the ways it could have been prevented.
Since the disaster I have spoken to several energy industry leaders who have told me, on the basis of anonymity, that BP has a reputations of being slack in the way they drill oil and its safety standards do not compare to what US companies enjoy. In fact, a similar accident on the part of a company from the US would have led to an immediate shut off because of the technological and safety standards. I have been told that BP is “impatient” with US companies because in its view the latter “are” slow in their processes and are “obsessed” with safety.
The economic case for increased domestic drilling is simple and with our current economic crisis, it is more important than ever. It will quickly lower gas prices by increasing future supplies. What most opponents of domestic drilling fail to realize is that the mere threat of increased production can lower prices…(read more)
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