Quote:
Originally Posted by Last hard class
Privatize profits and socialize losses. It's the new American way. Now, the liability cap can be pierced if BP is proven to be at fault. But that means adding on an army of lawyers. ( That really is the american way)
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I understand your frustration but do you believe that the US public has benefited from having access to cheaper gas all the years that this and other gulf platforms have been in operation? If I were a betting man the additional cost of cleaning this mess up above and beyond the hard cap is more than offset by the economic benefit gained from cheaper gas.
If the government tells the oil companies that they now have unlimited liability it is going to negatively impact the price of crude oil. Since companies don't pay taxes or costs out of their own pockets but rather it is passed on to the consumer they won't feel the pinch but you will at the pump. If we suffer one of these major spills once every 25 years the public still comes out better economically by caping the liability instead of having to pay a premium on gas every year to cover the potential expense of a major event that very rarely occurs.