– This post is not a sound bite but a SOUND BYTE. Please read/watch associated links.
The US Minerals Management Service oversees US natural resources.
Least we say this is a big mess that will get worse before getting better. But it is the effect having a political cause many years ago.
Congress, mostly Republican but many Democrats being lobbied by big oil failed to provide proper regulatory protection years ago. Their words summed up in a single statement “The Oil Companies are perfectly capable of regulating themselves with out the Government interfering”.
What kind of hardships could the company possibly have to cut cost and safety on a oil rig of this size and risk while the average price of oil is three times the price it was profitable for them just a few years ago? Where did the money go ? The shareholders did not even see a tenth of the increased profits. Someone is pilfering a bunch of money here in the name of future exploration! Seems to me that this was the same maintenance story on the Alaskan Pipeline a few years ago.
So is it any wonder we are where we are today with this oil spill in the Gulf Of Mexico. No, it was simply a matter of time before we got here. This seems to be the same story we can easily see with the banking and health insurance industries. Fail to regulate or remove regulation and it’s only a short time before market forces create a hole in the taxpayer’s wallet along with job depletion, tax revenue loss that the rest of us must make up for.
It’s funny to hear those that keep telling us the government should stay out of making rules for business, want the government to do something here. Gee… I’m confused ??? Would it not have been better for us, the environment, jobs and taxes that we did just a little regulation and had a few real watch dogs to be sure they were in compliance.
It’s funny we never learn from history and history should be a requirement for Congress. Where do we go from here?
I do not think it would be to much to ask for those redundant systems to be tested twice a year to be sure the oil flow of a oil well could be shut down and the MMS should be there documenting each and every one as a matter of public record.
To be fair to big and small oil drilling company types, a 5 cent per barrel (not 5 percent but .00002%) tax of that oil to go into a common fund that is a insurance for the future of a rapid response team properly engineered and equipped to handle such a future problem.
President Obama is getting a bad rap as many of the Republicans who fought the proper regulatory structures years ago are trying to put the blame on him now for their lack of action. But even after his speech from the oval office I do not think he connected with the people.
I can see he is hesitant to promote a solid alt energy plans for the U.S. until he has all of his ducks in a row. But when he does, if he does not have a clear plan, talk directly to the people and ask for their help to achieve a single solid goal, it will be a failure. You simply can not treat this as he did with health care.
While it does seem embarrassing to the President that he had opened the door for more offshore drilling, it is easily understood as the need for a intermediate supply for domestic demand to further reduce trade deficit, and is also a national security issue. Politically it was also smart as it was sure have been a issue for the Republicans in the next election. So he did their work (for different reasons) for them and is getting burned for it by them.
BP promises to pay damages and while we do not want to bankrupt the company, I have been hearing a bunch of talking heads say we should not be so hard on them because many pension plans have investments in the company. Now what kinda hogwash is that? They invested because of high yield money that comes with a amount of equal risk. To not take a measure of penalty to the stockholders would be to subsidize all risk investments. This keeps appropriate pressure from shareholders to the company for not doing risky things to the bottom line of a company so it is clear that this thinking would be total BS. Should we not take action to the banks because of pension plans ? This thinking is just ludicrous.
So, MR President, Please come up with a goal and outline/requirement to get us off of the OIL FAUCET and ask for our help and you will be blessed with our help as nobody who understands the National Security Issue of this will deny you. 10 year plan and a 20 year goal would be nice. One that required that for every “NEW” megawatt electric generation capacity constructed, 25 percent must be in renewable formats increasing to 50 percent of “New Capacity Constructed” in 10 years. That leaves the existing system in place and insures that at least in ten years of half of new generation plants must be constructed renewable.
We simply must have home grown capacity or we are doomed to be fighting somewhere in the world to ensure that the oil keeps flowing uninterrupted. Even our trade deficits would shrink along with our budget deficits. How do you fight a war without your own supply of energy that would skyrocket in price when a big one should breakout.
Gee do not take my word for it, watch and listen to a 2008 Republican Senate Committee Hearing
So what lobby group will win the day? I hope it is the American People !