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Is it worth it?

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    Now that the oil slick in the Gulf of Mexico has reached shore, maybe it is time to reevaluate whether the ocean drilling is worth the risks.  Was BP or Halliburton violating safety regulations or was the precautions being taken and there is just no safe way to drill in the Ocean?

    I know some of these questions can't quite be answered until the investigations are completed, but I thought I would start up a thread on the issue.
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    Source: http://www.msnbc.msn.com/id/37313425/ns/gulf_oil_spill/.

    Looks like the best minds at BP can't find a suitable way to plug up the leak. It would seem they can find ways to get oil out but can't find a way to fix something that they mess up.
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    They were obviously violating precautions. It seems like it is so easy to create a problem like this, but when the finger is pointed and more money is needed to clean up the mess, the executives fade off.
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    Reference: L. A. Times, Oil companies have a rich history of U.S. subsidies, May 25, 2010

    The LA Times addressed many of the issues of why we are drilling in risky deepwater environments.  But the number 1 reason is that the potential rewards are higher because of tax and royalty breaks given to the oil companies in 1995:

    "The royalty waiver program was established by Congress in 1995, when oil was selling for about $18 a barrel and drilling in deep water was seen as unprofitable without a subsidy. Today, oil sells for about $70 a barrel, but the subsidy continues."

    "The Government Accountability Office estimates that the deep-water waiver program could cost the Treasury $55 billion or more in lost revenue over the life of the leases, depending on the price of oil and gas and the performances of the wells."

    So in 1995 instead of introducing legislation that subsidized deepwater offshore drilling, where might we be today if that kind of money was injected into renewable alternative resources?  At some point we have to acknowledge that "drill baby drill" is not the long term solution to meeting our energy needs.
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    mahalo,

    We are in complete agreement here, Frank, and man, you're a wonkish, informative busy-body.  Drill Baby Drill BLOWS, literally.  Leave it to the War Party to throw out some MILF rightwing cheerleader to guard the oil and gas industry's government honey-train! 

    Kaboom