The Outlook for Oil Companies in the Gulf

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First there was deregulation of the airlines and air traffic controllers,then the banks in the 90's.Then all production went to China ,companies valued there stock through mark to market values (phantom values on phantom contracts some time in the future). Now we find out oil companies have no plans for "spills" . Obviously big business needs the govt (regulation) looking over its'shoulder but not in bed with them .Lack of regulation has led to unregulated goods from China with lead and other dangers . Air fares are cheap , but leave your bags on the bus ; banks are closing down , clothes, toys and tools from China may be deadly . There's no faith in the stock market ,the oil industry may have a very long term effect on wildlife ,the fishing industry, and food chain. AND politicians are elected to represent the voter , not the lobbyist! It's time to take big business' control away and give it to the people

Norm of MA 4:05PM June 05, 2010

I can't help but wonder how a mult-billion dollar oil platform can expolde and not have some clue to the reason! As with any machine it is subject to failure, but preventative maintenance, good design and vigilance will reduce 99.9% of catastrophes ! The philosophy of the business model has a lot to do with the inherent safety of an operation. Budget constraints, fatigue of workers, sloppy training, pressure to maximize profits and a constant pressure of performance to keep ones job in an economy that is in recession is also factor in an employees performance. The need for safety first is the right criteria for any operation as dangerous as operating an oil platform. We must learn from our past or we are doomed to repeat it as we see from the Challenger shuttle disaster and the Alaska oil debacle!
All the mistakes that lead to the disaster may never come out and if they do it may never become public knowledge but if an oil company is to learn from their mistakes they had better make them small ones and not repeat even them.

Lee Hansen of MI 12:21PM June 04, 2010

we want it..we need it...we are gonna drill for it and kill for it. the feds will pass some laws saying you have to put x amount of equiptment on or near the rigs and it will be paid for at the pumps

craig of NJ 2:28PM June 02, 2010

This blow out valve looks like an interesting device, so interesting I wonder why they dont have shut off valves in them? Ah the intellectual mind, we make all kinds of money, we must be smart? Obviously this has more to do with smoke and mirrors than when it comes to smart people.

WilliamPGH of PA 2:15PM June 02, 2010