BP Oil Cont'd

Because it is on-going.

From Von Mises:

This oil spill is something that we in engineering and science refer to as a three-sigma event, in that it is a very low-percentage occurrence. In other words, Congress and big oil companies colluded to reward risky behavior and lost their bet. Comically, we now see Congress — who encouraged the risks — cry "foul!" They are demanding that the previously set damage cap be raised, retroactively, to another arbitrary figure deemed more appropriate for BP's sins: at present, $20 billion, although this may change in the near future.

Predictably, in response to the mess, there have been calls for more and tighter regulation on the industry. President Obama recently said he is interested in finding out who deserves punishment for the crime of the oil spill. (Maybe he can blame Congress?) Also predictably, there is scarcely a mention of the role of government intervention in the mess in any of the traditional state media. Instead, there is the standard demonizing of "unfettered capitalism" and the cries about the failure of the free market. Barely a mention is made that safety on drilling platforms has been under the purview of government regulators within the US Minerals Management Service and that the Deepwater Horizon was deemed a model for industry safety just last year.

BP are still dicks for how they allegedly behaved. In the larger context, I get all these arguments but BP does no favors for free-marketers when they cut corners - even if the government was complicit in the affair. The onus is on the company itself. However, I'd rather wait for final investigation. Unlike someone we know.

As for the prez himself, it's been reported he's gone golfing during this mess. Now. Imagine. Imagine if Bush did this.

I'm having a blast with this "imagine if Bush" thing. Be careful what you sow...