BP Spill eclipses Exxon Valdez, says government. (Ya think?)

So what really happened here? It kind of looks like the same old, same old. And after months of hearings and a special commission, we’ll find out the following (which we all already know):

1. Over-sight and regulations were lax.

2. As with all their other deep water sites, BP was being cost effective (i.e., cutting some corners).

3. That caught up with them.

4. They continued the least-cost solution approach in dealing with the spill (lowering a box to recover the oil – which they could still sell, right?), and rolled out a series of these fixes before taking the ultimate hit and capping the well.

5. The feds were slow to respond and had limited capacity to do so, thanks to ineffective over-sight and authority owing to lobbyist-influenced legislation and regulations.

6. The BP spill will lead to new lobbyist-influenced legislation and regulations, and improved least-cost industry practices, which will be an improvement on current ones, but still lacking.

7. Wait ten to twenty years, repeat.

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