Tuesday, September 5, 2006

New Oil Deep in the Gulf of Mexico (Open Trackbacks)

This is one of those stories that's both good and bad news. There's been an amazingly large find of new oil reserves in the Gulf of Mexico that, if it pans out as "experts" expect (or is that expects expert?), could be on the vanguard of oil finds that would expand U.S. reserves by half.

If this is true, it's obviously a good thing that the U.S.'s dependence on foreign sources of oil would decrease. But there are likely many environmental risks to extracting this oil (the well is in very deep water). Since corporations enjoy their limited liability, if anything went horribly awry, there'd end up being a lot of uncompensated environmental victims in the vein of the Valdez fiasco.



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Butch Morgan of 123beta pinged us with Tuesday's Best - Round-Up

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