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Strategies & Market Trends : Booms, Busts, and Recoveries

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From: maceng2	5/24/2010 12:49:19 PM
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B.P pledges $500 million. bp.com If they are dedicating $500 mil to those causes, they need to dedicate at least $5 bil to "how do you stop accidents from happening". I am dismayed and shocked by what I read here. theoildrum.com The whole article of course is worth a read (it is technical, nice pics though, shows how many wells for example) but this paragraph draws a sharp breath. What can be addressed now is the larger issue that a flawed, risky well plan for the MC 252 well was approved by the MMS, and BP, Anadarko and Mitsui management. Similar or identical plans were undoubtedly approved and used by many operators on other wells drilled in the Gulf of Mexico It looks to be an endemic problem to the oil industry. Like the construction industry used to be except worse. All the risks considered could have easily been overcome by proper planning and the abundent technology available. It's not as if the oil industry is short of money either. If you want a clean environment and the oil, you have to be prepared to pay for it, one way or another.

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