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The essence of our troublesMichael Collins
Wow! An escrow account. That's some pretty tough talk. What's wrong with this guy? You don't put pressure on BP. You assert national sovereignty by taking over the repair function on day one. You assemble the very best minds in the marine geology, construction, and the oil industry for a life-or-death project to stop the leak just as soon as possible. At the same time, you confiscate BP assets to assure that claims are paid on time and to fund the operation. This business of a "first oval office speech to put pressure on BP" represents the essence of our troubles. There are two possible explanations for this farce: 1) Obama and his crew are total bumblers. That's a reasonable conclusion. The leak imperils a multinational geographic region. It could spread further than the Gulf, in which case it's more than a catastrophe. Leaving BP in charge, a company with a dreadful safety record, is simply unfathomable. Yet they are in charge. Why else would he put pressure on them? This is the generous explanation of Obama's actions. 2) Obama and his crew are so deep in the pockets of BP and big oil, they're only considering fixes that allow for well and oil recovery. From an interview with Christopher J. Brownfield last week: The approach I favor is a conventional demolition, not nuclear. Any combination of explosives that could be used to break the well and bury it under a lot of rock could be effective. The more they try, the worse things get. The worse things get, the more they'll try. As things stand right now, we're doomed. See The Money Party END This article may be reproduced in whole or part with attribution of authorship and a link to this article. Michael Collins June 14, 2010 - 1:26am
( categories: Global Energy )
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