Barron’s (May 8)
The BP oil disaster illustrates Murphy’s Law: everything going wrong at the worst possible time. With over 30,000 wells drilled, the Gulf of Mexico provides 30% of the energy produced in the U.S. Barron’s recently cheered Barack Obama when he pledged to open some new areas to offshore drilling. BP’s still unfolding catastrophe in the Gulf will, however, prompt calls to backtrack. Rare catastrophes will strike, “but restricting the development of the offshore-energy industry will not help the state or the country.”
The BP oil disaster illustrates Murphy’s Law: everything going wrong at the worst possible time. With over 30,000 wells drilled, the Gulf of Mexico provides 30% of the energy produced in the U.S. Barron’s recently cheered Barack Obama when he pledged to open some new areas to offshore drilling. BP’s still unfolding catastrophe in the Gulf will, however, prompt calls to backtrack. Rare catastrophes will strike, “but restricting the development of the offshore-energy industry will not help the state or the country.”
Tags: BP, Gulf of Mexico, Obama, Oil
