What effect will the recent oil spill have on climate change/offshore drilling plans?

myp

Jan 2009
5,841
50
Reuters has an interesting round-up piece on the potential effects of the recent oil spill in the Gulf coast. The oil spill, which was caused by a damaged BP rig, has already let out thousands of barrels of oil and continues to do so. This could lead to a reduction in offshore drilling support, at least in the short run. The climate change bill could also be affected by the spill due to a provision in which offshore drilling would be expanded.

reference: http://www.reuters.com/article/idUSTRE63S2LR20100429
 
Jul 2009
5,893
474
Port St. Lucie
Reuters has an interesting round-up piece on the potential effects of the recent oil spill in the Gulf coast. The oil spill, which was caused by a damaged BP rig, has already let out thousands of barrels of oil and continues to do so. This could lead to a reduction in offshore drilling support, at least in the short run. The climate change bill could also be affected by the spill due to a provision in which offshore drilling would be expanded.

reference: http://www.reuters.com/article/idUSTRE63S2LR20100429

Seafood is going to become so expensive only the rich will afford it now, gas will go up, BP will fall and we Floridians are likely to riot if any of this hits us, I mean we haven't been chasing off Big Oil for no reason after all, to still be hit by a spill... :mad:

Anyway, "Drill, baby, drill!" is going to mean political suicide for anyone that was stupid enough to use it. :D
 
Mar 2009
2,188
2
Will probably be a good idea to sell BP stock. I can just imagine lawyers of both sides lining up as no doubt this is going to result in a number of court cases and complicated litigation that will last for years to come. I wonder who the insurance company for BP is? This could probably be the end of that company too, especially after the economic upheaval of the banking and insurance industry of more than a year ago.
 
Jul 2009
5,893
474
Port St. Lucie
Will probably be a good idea to sell BP stock. I can just imagine lawyers of both sides lining up as no doubt this is going to result in a number of court cases and complicated litigation that will last for years to come. I wonder who the insurance company for BP is? This could probably be the end of that company too, especially after the economic upheaval of the banking and insurance industry of more than a year ago.

As 1 wannabe comedian/politician/important official put it, "British Petroleum will be Louisiana Petroleum when this is over."
 
Dec 2009
119
0
Canada
Will probably be a good idea to sell BP stock. I can just imagine lawyers of both sides lining up as no doubt this is going to result in a number of court cases and complicated litigation that will last for years to come. I wonder who the insurance company for BP is? This could probably be the end of that company too, especially after the economic upheaval of the banking and insurance industry of more than a year ago.

I don't get why this should result in so much legal problems. It's a shame that it exploded, but I didn't think that it was on purpose. They're trying their best to get it cleaned up. If they could, I'm sure they could've used the petroleum they collected and make something out of it, but that's not the case. At least Petroleum doesn't dissolve in water.
 

myp

Jan 2009
5,841
50
Will probably be a good idea to sell BP stock.
Probably a little late for that now ;)
I don't get why this should result in so much legal problems. It's a shame that it exploded, but I didn't think that it was on purpose. They're trying their best to get it cleaned up. If they could, I'm sure they could've used the petroleum they collected and make something out of it, but that's not the case. At least Petroleum doesn't dissolve in water.
All crimes do not have to be voluntary. There is still liability in many involuntary actions. For example, in this case that could include property damage, environmental damage, and personal injury.
 
Mar 2009
2,188
2
I don't get why this should result in so much legal problems. It's a shame that it exploded, but I didn't think that it was on purpose. They're trying their best to get it cleaned up.
You must be kidding? The Exxon Valdez went on for years and years in court cases, and latest reports are that the BP rig and leak in the pipe may create a situation that will eclipse the Exxon Valdez disaster. Just imagine the disasters awaiting the communities on the Gulf Shore including the fishing industry, people who will be unemployed, in addition to an environmental disaster that will most certainly be very expensive to clean up, after the three months that it may take them to staunch the oil that is leaking into the Gulf.
Dr Martin Preston, a marine pollution expert at Liverpool University, said: "This is already a bad spill and has the potential to be much worse if the oil continues to escape. The great depth of the leaks make it a huge challenge to deal with.

"Some important and vulnerable habitats along the coastlines are at risk and it is inevitable some serious and potentially longterm damage may occur." Dr Preston said, in his opinion, chemical dispersants would be a better option than trying to burn the oil because of the dangers of a residue.

Doug Suttle, chief operating officer for BP, originally disputed the estimate of 210,000 gallons or 5,000 barrels but later admitted it was within "a range" of predictions.

He said: "Using the satellite imagery and our overflights, we can now say it looks like it's more than a thousand."

Experts are worried that the company is struggling to cope with the clean-up. But Mr Suttles welcomed support from the US army. "We'll take help from anyone," he said.

It will take up to three months if oil engineers need to drill a relief well to stop the flow by which time 20million gallons of oil could have spewed out. That would be almost double the 11million gallons from the Exxon Valdez.
mirror.co.uk
 
Dec 2009
119
0
Canada
But either way, it's issues like this that makes me want to invest in renewable energy rather than traditional oil. To me, there are too many unnecessary lawsuits in the United States.
 
Apr 2010
105
0
But either way, it's issues like this that makes me want to invest in renewable energy rather than traditional oil. To me, there are too many unnecessary lawsuits in the United States.

I heard that the big oil companies are looking to put some sort of cap on at the base of the leak right on the seabed, and this will be expected to at least contain the situation by preventing or slowing further leakage.
 
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