BP and Over-Regulation

It’s been 66 days since BP’s Deepwater Horizon drilling rig exploded, killing 11 workers and causing an oil spill that’s leaking anywhere between 25,000 and 160,000 barrels of oil per day.

It’s a huge disaster, everyone is angry and pointing fingers, but I think we can all agree on one thing:

We need less offshore drilling regulation.

The BP leak has been going for two months, and we can’t stop it because we don’t know how. And we don’t know how because we’ve never dealt with a leak this severe before. And we’ve never dealt with a leak this severe because of too much regulation. We will eventually figure out how to plug this leak, but it will be too late because we would have already known how to if it wasn’t for those pelican loving regulations.

How ironic that the majestic sea birds we hoped to protect with regulations are the ones we hurt the most. And it’s not just the pelicans that are paying the price. Let’s say the leak is spewing 50,000 barrels of oil a day. Over 66 days that’s 3,300,000 barrels of oil. One barrel of crude oil produces 19.5 gallons of gas, which means we’ve wasted 64,350,000 gallons of unleaded. The current average national price for gasoline is $2.74, so we’ve lost $176,319,000.00. That’s a lot of money.

But if we got this oil spill over in 1999, when gas cost $0.99 per gallon, we’d have only lost $63,706,500.00. That’s a savings of $112,612,500.00, and in this economy every 112,612,500 dollars can help.

When you think about it, the only real tragedy is that no one messed up earlier. So instead of being mad at BP, we should be thankful they made up for lost time before gas prices rose even higher.

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