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Society
will demand that BP pay, and they will, but in the end it is we who
will pay. We can take all their profits, which would mean they would
not re-invest them in finding and producing more oil for us, so our
prices would rise. We will increase taxes and regulatory costs on the
industry as a whole, which will be passed on to we the consumers.
Yes, BP makes a lot of profit, but they employ huge amounts of capital
to do it, and over decades neither they nor the rest of the industry
have returned significantly more as a percentage than business in
general (and a lot less than many fields.)
We, the investors, will not give BP or the oil industry the capital to
provide us with oil unless we are compensated for it - by we, the
consumers. If the oil companies are taking unacceptable risks (as
certainly seems to be the case) then we, the consumers, are going to
have to pay more for our gas and oil to 'allow' the oil companies to
reduce the risks (or just not operate where the risks are too high.) Glenmore from elsewhere
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Quick! That woman needs BP "junk shot."
ReplyDeleteoy vey ole'
Who is John Galt?
ReplyDeleteRep. Joe Barton (R—Texas) before the congressional committee investigating the spill:
ReplyDeleteQuote:
I want to put this in perspective, Mr. Chairman, before I have to yield back my time. This accident as far as we know is releasing 5,000 barrels a day into the Gulf of Mexico. It has been doing so for approximately three weeks so that’s a little bit over 100,000 barrels. The largest spill in the Gulf of Mexico to date was a spill off the coast of Mexico. It produced 90,000 barrels a day for nine months, 90,000 barrels per day for nine months. Exxon-Valdez was a tanker that ran aground in Alaska, that was a supertanker that was three to four hundred thousand barrels of oil. So far this spill has produced a little over a hundred thousand barrels. Now that in and of itself is a significant spill and it is a non-trivial incident, but it is nowhere near yet the order of magnitude of other accidents that have happened around the world.
There is a natural seepage in the oceans around the United States on an annual basis of four million barrels a year.
There is an annual seepage worldwide of over forty million barrels of oil per year.
So this, while it is an accident that is non-trivial, it is not of the catastrophic consequences that some in the mainstream media have made it out to be.
http://www.c-spanvideo.org/program/293463-2
even recognizing this spill is far larger than 5,000 bbls a day this little tidbit does put things in perspective.
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I posted this with video stand-alone. Thanks.
ReplyDelete