Best of the Week
Most Popular
1.SNP Offers Labour Deadly Death Embrace Alliance, Holding England to Ransom, Destroy UK From Within - Nadeem_Walayat
2.Gold And Silver – Most Widely Used Currency In Western World? Stupidity - Michael_Noonan
3.Election Forecast 2015 - Coalition Economic Recovery vs Labour Collapse - Nadeem_Walayat
4.Election Forecast 2015 - Debates Boost Labour Into Opinion Polls Seats Lead - Nadeem_Walayat
5.Why are Interest Rates So Low? Ben Bernanke, Confused as Ever, Starts His Own Blog to Prove It - Mike_Shedlock
6.Leaders Debate Election 2015 - Natalie Bennett Green Party Convincing Anti-Austerity More Debt Argument - Nadeem_Walayat
7.Labour Economic Collapse vs Coalition Recovery - UK Election Forecast 2015 - Video - Nadeem_Walayat
8.China’s Stock Market Mania; How High can Red-chips Fly? - Gary_Dorsch
9.Gold and Misery, Strange Bedfellows - 31st Mar 15 - Dan_Norcini
10.Ed Miliband Debate Election 2015 Analysis - Labour Spending, Debt and Economic Collapse - Nadeem_Walayat
Last 5 days
Unsound Banking: Why Most of the World's Banks Are Headed for Collapse - 21st Apr 15
Bitcoin Recent Low Price Volatility Might Be Deceptive - 21st Apr 15
Currency Wars Back As Russia Buys Gold - One Million Ounces in March Alone - 21st Apr 15
The Greece 'Grexit' Issue and the Problem of Free Trade - 21st Apr 15
Why Europe Lets People Drown - 21st Apr 15
Wealth Destruction for the 99.9 Percent - 21st Apr 15
SNP Publish England's Suicide Note as Pollsters Still Forecast Labour-SNP Election Disaster - 21st Apr 15
Characteristics of Extremely Over-Indebted Economies - 21st Apr 15
Trader Education Week -- a Free Event to Help You Learn to Spot Trading Opportunities - 21st Apr 15
Gold & Silver Alert: Silver Stocks’ Signal - 20th Apr 15
Now is the Time to Buy Resource Stocks, Especially Gold Equities - 20th Apr 15
DJ Transportation & Utility Averages Suggest Stocks Bull Market Is Over - 20th Apr 15
Crude Oil Price Bull Market Hope - 20th Apr 15
Stock Market Bears Get Slaughtered Despite Greece Counting Down to Grexit Financial Armageddon - 20th Apr 15
The Rise of the Paper Machines - 20th Apr 15
Gold and Silver Inflection Point - 20th Apr 15
SP500: A Butcher's Stock Market (Chop Chop Chop) - 20th Apr 15
Are Stock Market Bears Slowly Gaining Control? - 20th Apr 15
Sugar Commodity Price Bear Rally - 19th Apr 15
Avoid the Spread of the Stock Market "China Syndrome" - 19th Apr 15
Stock Market Going Nowhere Fast - 19th Apr 15
An Easy Way to Profit From the Two Biggest Trends in the Stock Market - 19th Apr 15
No Scripture Is Divine, Authentic and Beyond the Creation of the Human Brain - 19th Apr 15
Inflation, Central Banks, and Business Cycles - 18th Apr 15
Stock Market Correction May be Nearing End - 18th Apr 15
UK Housing Crisis, Immigration, Population Growth, Election Forecast 2015 - Video - 18th Apr 15
Q1 Corporate Earnings Risky for Stocks - 17th Apr 15
US Stock Market Getting Scarier by the Day - 17th Apr 15
Stock Market Watershed Day - 17th Apr 15
Gold Price Has “Hallmarks Of Market That Is Bottoming” - 17th Apr 15
Chinese Stock Market - Men Go Mad in Herds - 17th Apr 15
Two Stocks Offering Investors High Yields and Profits - 17th Apr 15
Gold Price Has “Hallmarks Of Market That Is Bottoming” - 17th Apr 15
Chinese Stock Market - Men Go Mad in Herds - 17th Apr 15
Two Stocks Offering Investors High Yields and Profits - 17th Apr 15
King Dollar Hurting Stock Market Corporate Earnings! - 17th Apr 15
Production Declines Hide Bigger Crude Oil Storage Issues - 17th Apr 15
Top Three Takeaways From Today’s OPEC Crude Oil Report… and How You Can Profit - 17th Apr 15
How to Profit from Australia's Healthiest Biotech Stocks - 17th Apr 15
What Is Really Driving Gold Price? - 17th Apr 15
Will Ever More Boomers Selling Retirement Assets Change Investment Prices For Decades? - 16th Apr 15
Won't Be Contagion with 'Grexit' Greece Euro-zone Exit - 16th Apr 15
Sharp Decline in USD/CAD and Its Consequences - 16th Apr 15
Blackstone is like Apple, Google, Hermes, Boeing - 16th Apr 15
The Most Dangerous Financial Headline I've Seen Since the 2008 Crisis - 16th Apr 15
Is Legal Tax Avoidance Extinct in the UK? - 16th Apr 15
Why Russia Will Send More Troops to Central Asia - 16th Apr 15
More Thoughts on the Current Crude Oil Market - 16th Apr 15
U.S. Treasury Secretary Warns Greek Exit Will Cause Enormous Disruption and Hardship - 16th Apr 15

Free Instant Analysis

Free Instant Technical Analysis


Market Oracle FREE Newsletter

US Historic Bubble

An Open Letter To Governor Charlie Crist Re: Bp Oil Volcano

Politics / Environmental Issues May 10, 2010 - 12:28 AM GMT

By: T_Anthony_Michael

Politics

Best Financial Markets Analysis ArticleDear Governor Crist,

We are witnessing the greatest environmental catastrophe of the modern era in the Gulf of Mexico.  Some of the top experts have already estimated that this oil volcano has far surpassed the Exxon Valdez Oil Spill.  Even if the current “stopgap” measures temporarily contain this gusher, it still remains an extraordinary challenge to permanently cap.  Simply put, we have HUGE problems before us no matter how you look at it.  Many are silently weeping in the privacy of their homes because of the sheer enormity and profound gravity of this ongoing, unprecedented, manmade disaster.


The cost associated with both fixing the immediate oil spillage and cleanup of the Florida coastline is going to reach into the multi-billions of dollars.  The State of Florida has been experiencing a decline in tax revenues due to the recession, which has translated into severe budget cuts across the board.  Therefore, the State cannot afford to pay for the necessary remediation and long-term costs of recovery.  Most importantly, it is not the State’s responsibility to pay them.  It is the responsibility of British Petroleum (BP), Halliburton, Transocean and all other parties contracted to perform services directly related to the operation of the Deepwater Horizon oil rig.

The list of liable parties does include the US Federal Government, since they are the permitting authority and accountable jurisdiction in this matter.  It was after all an historic breakdown in the regulatory process which created such an hospitable environment for everything to go wrong.  It is untrue that all the failsafe mechanisms broke down; everything went wrong because very little was done right.  The most basic precautions were ignored as such practice became standard operating procedure for BP.  They were known to have cut every corner and stretched every law in order to sink a well 35,000 feet into the earth – apparently one of the deepest ever.

The $64,000 question here is what was the statutory limit, and where was the US Government when such risky and experimental technology was being employed in our own back yard?!  Especially when EVERYONE in the industry knows that the methane ignition problem exists practically everywhere, all the time.  Any geologist/archeologist will tell you that an unrelenting chain reaction of massive methane explosions is a very likely reason for the extinction of the dinosaurs.  Seafloor volcanoes, powerful earthquakes, asteroid or meteorite impacts can all trigger this type of domino effect with vast and rapid earth-changing effects.  As can coal mine explosions, detonations of nuclear weaponry, global greenhouse gas concentrations and, of course, oil & gas drilling, particularly in areas that are vulnerable like the Gulf of Mexico.

The public record, government filings and BP company records will bear out that the implementation of a toothless regulatory regime guaranteed that this multifaceted calamity was going to occur sooner or later.  That the Feds were AWOL, and are still out to lunch, has exposed Uncle Sam to some massive monetary damages.  Conveniently, they have already made a down payment to Florida in the form of a bailout payment.  Thank you, Mr. Obama.  And thank you, Governor Crist, for your foresight!

This brings us to the very solemn and explicit purpose of this open letter.  We hereby request that the State of Florida immediately seize the assets of BP – all of them – from around the world, as well as from other responsible parties.  Upon acquisition, such assets should be placed in a working trust fund, which can be tapped by the US Gulf States, as well as by other injured states and nations, as they fall victim to this CRIME OF THE CENTURY.

Where there is a crime, there is a criminal.  British Petroleum is the 4th largest company in the world and the UK’s largest corporation.  In the 1st quarter of 2010, this global energy company earned well over $6 billion in profit.  They have quite contemptibly set aside a mere $25 million dollars for damage control and preventive measures for the entire State of Florida – this for the largest oil spill in history along thousands of miles of the most valuable and beloved coastline in the world.  Such inadequate action demands a response nothing short of criminal prosecution, all the way up to the top of the organizational structure of BP to include the entire Board of Directors.

This ‘supermajor’ of multi-national oil companies willfully took advantage of their status as a foreign corporation to avoid all types of routine inspections and certifications by the US government.  In so doing, they conducted their oil drilling and extraction process in an extremely cavalier manner and shockingly irresponsible way.  This pattern of conduct clearly demonstrates their intention to drill for and extract oil no matter what the risk to human life, consequences to the aquatic environment or repercussions to the beautiful Gulf of Mexico coastline.  The motivation, of course, was profit and to forever maximize the wealth of the stakeholders.  When taken to this excess, however, it is known as greed – insatiable GREED which must be put in check.

When one does harm to person or property, the citizen is always held accountable in our society, and presented with an opportunity to make the injured parties whole.  BP, et al, has not done that, nor can they be trusted to follow through as would be expected of a responsible corporate citizen.  They have essentially committed a crime against humanity, as well as the planet, Herself.  This corporate behemoth must be held up high as an example of how not to conduct business anywhere in the world, ever!  Perhaps they should even be the poster child – for all time – of the rogue corporation that pursues profit at any cost – environmental, economic, social, political, etc.  Were it not for this modus operandi, they could not have perpetrated such a heinous and unforgettable atrocity against the world community.

Governor Crist, it pains us that we must paint such a graphic picture of this exceedingly reprehensible and unsavory corporate behavior.  It is likewise regretful that we are compelled to speak this truth in the public domain for all to hear without trial, judge or jury.  However, this matter is so urgent and demanding in nature, that the People of the State of Florida, as well as their property, must be protected.  The only practical relief for all concerned is to seize all the assets of BP post haste before this rogue corporation declares bankruptcy, or allows its officers to abscond with its cash and other easily liquidated or transferable investments.

It is quite obvious that the immediate future for BP will bring a global record of lawsuits, liens and litigation of every sort and kind.  They will be tied up in the courts for the rest of their corporate life, with very little to offer back to society in the end.  So many competing parties and interests will be looking to carve up their asset base and investment portfolio that the lawyers will stand to gain the most.  Predictably, there will be little remaining for the people who will be left broken and destitute, jobless and homeless, sickened and hopeless.

The CORPORATION has been granted the extraordinary shield of limited liability in this age to the great detriment of all.  This has allowed BP to assault us – our homes and property, our businesses and jobs, our livelihoods and whole way of life – without fear of retribution or just punishment.  Such a transgression against a whole region of a country, as well as other nations which border the southern Gulf, demands a new paradigm of justice and administration of corporate law.

At the very minimum this new order of business should effectively strip them (and any other offending corporate entity) of these wholly unjustifiable protections.  In other words the LIMITED LIABILITY clause must go forever.  These two simple words have allowed them, and many other corporations going all the way back to the founding of the British East India Company on December 31, 1600, to literally conduct multi-generational crime sprees against whole nations, cultures, and helpless indigenous peoples.  These crime sprees have been defined, in many cases, by the institutionalized and wholesale theft of resources, as well as murder of their rightful owners.  Case closed.

In order to ensure proper reimbursement of so many aggrieved and wounded parties, BP must be made to pay, and PAY NOW, NOT LATER.  The appropriate compensatory measures are critical to the economy of this State, as well as to the finances of its citizens.  Punitive damages can be levied as the adjudication process allows which will provide additional funding for remediation.  The necessary criminal prosecutions and subsequent harsh sentences will serve as future deterrence, unless this company decides to embrace a truly sustainable and clean energy platform.  Finally, as the evidence of wrongdoing is presented and whistleblowers submit their affidavits, a record can be established that will inevitably illustrate the dire need to permanently terminate all oil and gas exploration and drilling throughout the Gulf of Mexico.  And perhaps the Planet.

With Godspeed,

Concerned Citizens of Florida

P.S. The following is an NOAA map of the 3,858 oil and gas platforms extant in the Gulf of Mexico in 2006 per Wikipedia.  What are the odds of another oil rig “going south” given this density of active platforms in Hurricane Alley?

We The People we_the_people@fastmail.us

T. Anthony Michael is a Financial Analyst & Long Range Financial Planner.

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

T. Anthony Michael Archive

© 2005-2015 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Comments

Shanen Givone
16 May 10, 16:03
BP, Halliburton, Transocean, MMS, OUR GOVERNMENT

I would like to see an actual suit being pursued against the 'subjects' mentioned. But, to guarantee the future restraints of oil companies, chemical companies, and others that may gain at the cost to human life and wild life, alike, I want jail time for the executives of those responsible parties! Please contact me when such a petition is begun. Thank you for this information.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

Free Report - Financial Markets 2014