Viewpoint  |  Response to the BP Oil Spill  |  5 July 2010

Blowing up the blowout

by Karel Beckman

Disastrous as the “Macondo Oil Spill” may be, the fact is that, as a new report from the Energy Policy Research Foundation (EPRINC) shows, offshore oil spills caused by blowouts are extremely rare, particularly in the US. In fact, historically the most common and largest spills have been those from oil tanker accidents. Thus, ironically, as the US has to import more oil if it cuts domestic production, a reduction of offshore drilling will lead a higher risk of accidents, argues EPRINC. It is just one of the fascinating details coming out of EPRINC’s contrarian cost-benefit analysis.

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