Last night and this morning, details about yesterday’s drilling rig mishap off the Louisiana coast have become more specific and clear. Thankfully, no lives were lost, and no petroleum is spilling into the Gulf for now. And the mishap was a fire, not an explosion, and it did not occur in “deep water” (beyond the continental shelf. Nonetheless, the incident was a stark reminder of April’s Deepwater Horizon tragedy and the environmental mess that followed, as explained by a story in today’s New York Times (click here).
What is less clear today than in weeks past are the intentions of British Petroleum, related to the payment of clean-up costs and compensation to victims following this summer’s massive oil spill… as explained in another NY Times story that was published late last night (click here). The company is asserting that if future drilling and well rights are restricted, their ability to keep payment commitments may be compromised.
Implications: It seems to me that people—consumers—have an increased level of anxiety with oil companies these days, coupled with a decreasing level of trust. These two developments will not mitigate those feelings of anxiety and mistrust.
Watch for signs of the influence these emotions might have and the advantage these issues might provide… to car companies launching fuel-efficient and hybrid models, to politicians who call-out big oil between now and the November 2nd election, and to corporate America, overall, or any big company that does business here. (For an example of what I mean, see the posting immediately below.)
Mike Anderson
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