Atlantic Off-Shore Drilling: Who Really Benefits?

found online by Raymond

 
From libertarian Michael A. LaFerrara:

“Drilling for oil is a risk-reward proposition — all of the risk is put on the backs of our shore communities, and all of the reward goes to Big Oil.”

This is patently untrue.

The oil companies obviously take risks in spending $billions with no guarantee of success. They are also responsible for cleaning up their messes, and must spend $billions should an accident occur. They and their employees can even be held criminally liable through criminal neglect laws. Just ask BP.

We should be thankful for the oil companies’ “insatiable thirst for more profit.” That’s a good thing.

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2 thoughts on “Atlantic Off-Shore Drilling: Who Really Benefits?”

  1. “Drilling for oil is a risk-reward proposition — all of the risk is put on the backs of our shore communities, and all of the reward goes to Big Oil.”
    This is patently untrue… This is not to minimize the risks of drilling. But the above statement is pure demagoguery.

    These greedy corporation-worshipping Randroids are amazing. He does exactly the opposite of “not to minimize the risks of drilling”. The environmental impact of spills is very much on the backs of shoreline and fishing communities. Settlements from Big Oil never fully compensate for losses and damages. And guess who pays? We do, through higher gas prices. Corporate profits and executive pay shoot skyward. How’s that for “risk”?

    Oh, and one more trivial detail. Carbon emissions and climate change fall on the backs of every community in the world eventually. But, hey, we don’t want to minimize the suffering of Big Oil, do we? Poor wittow defenseless, unrepresented corporate persons. Always the victims.

    1. I’d say it’s a nice fantasy world people like Mr. LaFerrara live in, but then I’m reminded this guy has several grandchildren that will be exposed to this nonsense.

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