"The oil companies complained that the $500,000 devices were too expensive." .. one bit ..
"Among the top concerns brought to light in recent days: The Deepwater rig lacked a remote-control shut-off switch, a back-up system that would close the well even if the rig above was destroyed. Countries like Norway and Brazil require these precautions to avert catastrophe, but in the US the technology is voluntary. This is thanks to a 2003 decision by the Bush administration's Minerals Management Service (MMS), which considered mandating them but decided against it under pressure from oil companies, including BP.
The oil companies complained that the $500,000 devices were too expensive. Keep in mind the Deepwater was a $560 million rig. And rather than investing half a million in the safety device that might have prevented this disaster, the company is now spending $6 million a day in clean up costs. And the economic ramifications go far beyond BP; the spill is on a path to destroy fragile coastal ecosystems and the seafood and tourism industries of at least three states, and has required an untold amount of federal, state, and local government resources." .. more inside ..
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