How do you feel about the way the oil spill is being handled?

[mrstickball]

famousringo said:

mrstickball said:

I see the real problem being that BP doesn't have a major impedus to actually clean up the problem.

Their limit of liability to this disaster is pennies for what the true cost of the disaster is. I believe the cap is somewhere around $75 million (that's with an M) when the true cost may be a trillion (with a T) USD.

What should of been done, prior to this disaster, is remove the liability cap to ensure that these major oil companies know what they are getting into. With no cap outside of the danger of the well, BP would of taken stronger voluntary measures to ensure that this never happened, or if it did happen, cleanup with be expedient with minimal liability to pay out to dead loved ones, or businessmen effected by the oil.

Its really a catch 22 due to current government standards. If you regulate too much, we'll never ever get off of Saudi oil (which has less standards, AFAIK), but if you have too low liabilities, the company won't take up proper safety measures.

This is the first time I've heard about that cap, and I've gotta say that I find it utterly disgusting. That won't even cover the value of the lost oil, nevermind all the collateral damage.

More privatized profits and socialized costs for major multinationals. I don't necessarily think that BP should go out of business for this fiasco, but the idea that BP might spend more money on executive jets this fiscal year then on damages for this spill really makes me wanna reach for my torch and pitchfork.

Correct.

Ultimately, the problem is an economical one. A company like BP will wrecklessly pursue very questionable practices knowing that their limit of liabilities is very low. A $75 million USD from an oil rig that can pump out thousands of $100-a-barrel oil per day? Retarded. Just plain retarded.

Thats why I'm glad to take the libertarian path on the issue. They were the ones that had the best solution: remove caps. Whatever BP gets sued for, they get sued for, and every other company that does something this reckless.

BP will not be held accountable for this like they should. Could you imagine what BP would be doing right now if they knew that EVERY job in their entire billions-of-dollar company depended on it?