December 26, 2011

Petrol Politics: How Much Should an Oil Spill Cost?

Bryan Walsh, Time Magazine

How serious should the penalties for an oil spill be? In early November, Chevron and its drilling partner Transocean accidentally spilled some 3,000 barrels of oil into the ocean off the coast of Rio de Janeiro in Brazil. As oil spill go, it was relatively minor—although it is a sign of how hard offshore drilling is. After about a week of work, Chevron managed to stop the spill—it helped that the damaged well was only about 3,900 ft. below the surface of the ocean. (BP’s Macondo well—which  Read Full Article ››


TAGGED: oil prices, global oil market, health impact, environmental impact, oil spill, oil, Chevron, Brazil, Time Magazine

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