April 28, 2010 | Mark Paradies

Cost of an Accident: Legislative Costs

Just when there was going to be a green light for more coastal oil and gas drilling, along comes a major accident and puts new drilling at risk. See:

http://www.nytimes.com/2010/04/28/us/politics/28drill.html

The New York Times article says:

The loss of life and the looming ecological catastrophe from the oil rig explosion in the Gulf of Mexico have piled political complications onto the push for energy and climate change legislation here, officials and interest groups say.

Expanded offshore oil and gas drilling is a central component to the compromise plan being written in the Senate to address the nation’s energy needs and the emissions of the gases that contribute to global warming.

Add that to the list of “costs” that occur after an accident.

But that cost is felt by the whole industry (perhaps even the whole economy) rather than by the company that had the accident.

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