Trying to answer the troubling questions about how the BP Oil Disaster was allowed to happen keeps turning up the same catastrophic mixture of lies, mismanagement, corner cutting, and recklessness. It’s clear now that the oil companies know how to get oil from deep underwater, but have no idea how to prevent or stop a disaster with any reliability.
Some special attention today for a handful of alternative energy companies that achieved share price increases yesterday in the face of the equity markets’ across-the-board decline: Biofuel Energy, Nevada Geothermal Power, Shear Wind, Lithium One, Fuel Systems Solutions, Oxford Catalysts Group PLC, Q-Cells SE, PV Crystalox Solar PLC, Aleo solar AG.
Ever since his presidential campaign, Barack Obama has preached the mantra that the time for clean energy is now.
UPDATE (12:56 PST): BP (NYSE:BP) will finance the US$20 billion escrow account over the next three and half years, contributing US$5 billion each year. The company will also set up a US$100 million fund to support unemployed oil workers.
Don’t hold your breath, but there is a possibility that the G20 summit in Toronto next week will take action to reduce government subsidization of the fossil fuel industry and to level the playing field for clean and renewable fuels.