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You Bet Your BP
Accuracy in Academia ^ | August 16, 2010 | Kristin Theresa Jaroma

Posted on 08/16/2010 6:32:59 AM PDT by AccuracyAcademia

Kristin Theresa Jaroma,

Ever since the oil spill disaster occurred in the Gulf of Mexico, the issue at hand has been the long-term and near-term effects of this on local residents, local businesses, and the South’s economic hit, Nick Loris of the Heritage Foundation said at the Bloggers Briefing there on August 10, 2010. As a result, pressure has been placed on the Obama Administration to end the moratorium.

The oil spill liability cap issue, and the secondary costs that BP must pay as a result of the economic disaster, have been contentions issues for Democrats and Republicans alike.

The leading Democrats wish to lift the 75 million dollar liability cap, which if done, will result in making oil drilling unnecessarily too risky and subject these companies—the small, close association sized companies in particular—to frivolous lawsuits making them unable to take on the off-shore drilling responsibilities.

Republicans unanimously opposed this option of lifting the liability cap, “knowing it would cause economic devastation,” Loris pointed out.

However, an issue is that the Republican bill is not exceedingly better than that of the Democrats. Its solution for the time being is to arbitrarily lift the liability cap to another number and create a number of variables for risk-assessors to analyze. This leaves politicians to determine what the risks of off-shore drilling ought to be.

Loris spoke also of Heritage’s plan which would create a multi-tiered insurance and liability system for liabilities exceeding 1 billion dollars, equipped with voluntary insurance pool to guard against lawsuits, hold operators responsible for all actions, and focus around private insurers and professional risk assessors.

(Excerpt) Read more at ...

TOPICS: Business/Economy; Government; Outdoors; Politics
KEYWORDS: bp; foundation; heritage

1 posted on 08/16/2010 6:33:00 AM PDT by AccuracyAcademia
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To: AccuracyAcademia

As much as we need to drill, I’m not so sure as to why there should be a liability cap. The argument seems to be that without it only really big companies will be involved, but isn’t that the nature of some things? I mean I can’t just get some buddies together and start a space exploration company, or mass producing cars. I know we need the energy, and better here than funding terrorists, but I don’t care for uninsured drivers, why should an oil company get a break?

2 posted on 08/16/2010 6:38:53 AM PDT by RedStateRocker (Nuke Mecca, Deport all illegals, abolish the IRS, DEA and ATF.)
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To: AccuracyAcademia

That headline made me chuckle...but shouldn’t that be “You Bet Your SWEET BP”?

3 posted on 08/16/2010 6:42:17 AM PDT by ozark hilljilly (Had enough, yet?)
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To: ozark hilljilly

Laugh In Ping! (discloses approximate age)

4 posted on 08/16/2010 8:13:42 AM PDT by pingman (Price is what you pay, value is what you get.)
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To: pingman
Laugh In Ping! (discloses approximate age)

You Bet Your BP

5 posted on 08/16/2010 8:21:14 AM PDT by Willie Green (Go Pat Go!!!)
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To: RedStateRocker

As much as we need to drill, I’m not so sure as to why there should
be a liability cap.

Even though I grew up in an “oil town” in Oklahoma, I think the liability
cap should be raised. Even though I do have questions about “where
the money goes”...maybe the Democrats will erect some sort of obtuse
money-laundering scheme to put it in their coffers, not the US Treasury.

Raising the cap might give the oil sector pause and an incentive to
be a bit more careful.
I was listening to the testimony of a technician that survived the
BP rig loss. He said the computer system they used to control the
rig’s operation crashed often and the term “The Blue Screen of Death”
was common knowledge on the rig.
I gasped when he said the system was running on...Windows NT.
Heck, my PC with Windows XP Professional is even ahead of that!!!

6 posted on 08/16/2010 9:45:43 AM PDT by VOA
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