Vladimir at RedState, our in-house expert on the energy business, has been following the platform accident in the Gulf since before it was a big national news story, and reminds us of the realities of the business:
We’ve placed promising areas like the Eastern Gulf of Mexico, the East Coast, offshore California, offshore Alaska and ANWR off limits. This current spill will provide ammunition for the anti development folks. But since our collective thirst for petroleum will be unabated, that will mean more oil and refined products will have to be imported in tankers, with their accompanying risk of spill.
BP looked for oil in the deepwater off Louisiana, partly because (paraphrasing Willie Sutton) that’s where the oil is, but also, domestically, it’s one of the few places where they had access.
Read the whole thing.