I am sure that you have heard of the current oil leak in the Gulf of Mexico. If you haven’t, here is a link – please come back after you have caught up with current events.
I am just aghast at how stupid these companies are. Current reports are that they didn’t install an “acoustic switch” on the well. From NewsInferno:
The Deepwater Horizon oil rig that exploded last week was not outfitted with a safety device that might have prevented the massive oil spill now nearing the U.S. Gulf Coast. The device, known as an acoustic switch, is a last-resort protection against underwater spills, and is required by regulators in Norway and Brazil. Unfortunately, the U.S. has no such regulation for oil wells operating off of its shores.
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It wasn’t that long ago that the politicians were going to deliver a huge windfall tax on the oil companies. Now that the new guys are in charge, all of that talk has suddenly stopped.
Of course now that BP has just announced that it will be in the red for the quarter, maybe all of the talk of excessively taxing risky commodities based businesses when they actually do well will go away.
Tell the government to leave us alone and stop screwing it up.
BP falls to $3.3 billion loss in Q4
LONDON (AP) — BP PLC, the second-largest European oil company, said
Tuesday it swung to a steep loss of $3.3 billion during the fourth
quarter of 2008 as sliding oil prices hit revenues hard.
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