Articles Posted in Oil and Gas

Thank goodness the BP “Deep water Horizon” oil well was finally capped. However, Congress needs to resolve the matter as to whether or not federal monetary caps for damages against offshore oil companies and there subsidiaries should be pre-imposed.

As the BP oil rig continues to leak into the gulf, Congress continues to debate whether caps should be raised for oil companies involved in offshore spills. According to the Huffington Post, it has been nearly three weeks since a proposal for raising the liability cap from $75 million to $10 billion was introduced and there’s been no progress on putting this bill into law.

Sadly, smaller – but still devastating and deadly – oil rig explosions and spills happen all too frequently, affecting New Mexican employees and workers throughout the country. Often the companies at fault fail to take responsibility. These companies continue to place profits over safety, with the result being catastrophic accidents involving physical injury and death, as well as horrific environmental damage. With low caps in place, little incentive exists for change
Placing profits over safety may have played a crucial part in the BP disaster. The Washington Post reports that pressure to save and money may have led to the accident. Rather than paying attention to warning signs, which if heeded could have prevented the explosion, BP workers were pushed to move forward with drilling plans in an effort to save time, which translated into a significant savings.
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