In 1942 U boats sunk 89 ships off the coast of Cape Hatteras. Over 30 of them were tankers. All carried fuel oil. Has there ever been a report of a related environmental disaster? Much of the oil washed onto North Carolina and Virginia beaches and into Chesapeake Bay.
There are approximately 600 natural oil seeps in the Gulf of Mexico, discharging 1 to 5 million barrels, not gallons of crude oil per year-every year forward and back. Exxon Valdez spilled 11 million gallons - not barrels of crude.
The largest oil seep in the Western Hemisphere are in the Santa Barbara Channel. One 6 mile stretch is estimated to have discharged about 90,000 barrels per year for centuries!
I'm not trying to minimize the damage done by the criminal activities of Exxon and BP. I'm putting it in perspective. Enviro Loons care nothing about the reality of damage done by the oil industry. It might get in the way f their irrational hand wringing.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.