WSJ: BP Relied on Faulty U.S. Data

Friday 25 June 2010 - Filed under Environment + Government + Regulation

The more information that emerges about the oil spill, the more it looks to be a government induced problem, and not solely a matter of corporate irresponsibility (though I suspect that the likes of MSNBC and CNN will still spin it that way).  Neil King Jr. and Keith Johnson via The Wall Street Journal:

BP has come under heavy fire from Congress and environmental groups for its lack of readiness to handle a worst-case spill. But that criticism has overlooked a key fact: BP was required by federal regulators (emphasis added) to base its preparations on Interior Department models that were last updated in 2004.

Demotards will surely spin this news to say that it wasn’t a government failure, but a free market failure brought on by the supposed “deregulation” of the oil industry by the oil-friendly Bush administration.  To this I would say 1) you surely don’t mean real deregulation, but the failure to follow and enforce the metric shit ton of regulations on the books, and 2) Bush, even though most of us would like to forget that neo-con love-fest, was still the head of government, making his failures to properly execute oversight of existing oil industry regulations a, wait for it . . .

government failure.

2010-06-25  »  madlibertarianguy