Gulf of Mexico Oil Industry Historical Perspective
A Wall Street Journal examination of two decades of oil exploration in the Gulf of Mexico, based on government documents and interviews with dozens of politicians and industry officials involved, yields a story with an echo of the recent financial crisis. Both stemmed from collective national drives toward a laudable goal—lifting the home-ownership rate in one case, and boosting domestic energy production in the other—with little thought to potential downsides.
Former Florida Sen. Bob Graham., co-chairman of the president’s oil-spill commission, blamed the BP disaster on what he called “an enormous and shared failure of public policy.” The causes of the spill, he said in recent testimony before the commission, “go back decades and are attributable across the spectrum to government, to industry, to the White House, to Congress, to Republicans, to Democrats.” Read more..
Source: Wall Street Journal Online