Thoughts on BP

No-one can deny the terrible environmental and socio-economic impacts of the ongoing spill in the Gulf of Mexico. What should be asked is why does it appear that the oil sector were allowed to drill in an area that it appears that no company or regulatory official had any idea on how to control an accident? The lack of successful response speaks volumes on the lack of preparedness for such an event, and this lackadaisical attitude was revealed at the congress presentation in which all of the majors presented essentially the save non-substantive environmental response plans, some of which referred to Walruses.

I wonder where are the regulators and civil society in effectively keeping an eye on industry? Where is industry's mindset in taking on such projects without adequate forethought and preparedness for the worst? Planning does not guarantee a successful response, but it would have led to a more cohesive, coherent, and rapid response than what we have seen.

Big industries, from all sectors, need to be held accountable, and perhaps the best way to do that is to lift the corporate veil and hold those that are responsible, and those that play around with large wages, bonuses, options and warrants without regard to the important fiduciary and moral obligations they hold.

Obviously, we need to get off the oil habit, and it is time to really put the push on that. I suspect this will not be the last major spill in the near-term, as there is a strong desire in North America to stop being dependent on the Middle East and all of the challenges that presents. Rapidly expanding economies, such as China, India and Brazil, will also see escalating prices and competition to secure supply. It is time for society to take the bit in its mouth and change lifestyles and become increasingly innovative to lower our energy footprint.