June 8, 2010 | Mark Paradies

Interesting Analysis of Regulatory Process in the Off-Shore Oil Industry … What Do You Think?

Here’s the Houston Chronicle Article:

http://www.chron.com/disp/story.mpl/business/7039960.html

It said:

“In the five years before the Deepwater Horizon exploded, federal investigators documented nearly 200 safety and environmental violations in accidents on platforms and rigs in the Gulf of Mexico, describing a stunning array of hazards that resulted in few penalties.

Workers plunged dozens of feet through open unmarked holes. Welding sparked flash fires. Overloaded cranes dropped heavy loads that smashed equipment and pinned workers. Oil and drilling mud fouled Gulf waters. Compressors exploded. Wells blew out.

And yet, in their investigations of nearly 400 offshore incidents, Minerals Management Service officials failed to travel to one-third of the accident scenes, collected only 16 fines and did not investigate every blowout as their own rules require.”

Do you think that lack regulation contributed to the BP/Transocean Deepwater Horizon blowout?

Let me know your ideas by leaving a comment…

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