The Environmental Protection Agency is allowing BP to once again bid on new leases in the Gulf of Mexico — which could happen as early as Wednesday.
The Great Debate
The following is a guest post by Mark Davis, a senior research fellow and director of the Tulane Institute on Water Resources Law and Policy at Tulane Law School. The opinions expressed are his own.
Deepwater oil production in the Gulf of Mexico accounted for 23 percent of all oil produced in the United States last year, and 7 percent of all crude consumed in the nation’s refineries, according to the Energy Information Administration’s “Annual Energy Outlook.”
The catastrophic blowout at Macondo has sliced 40 percent off BP’s market capitalisation, and led analysts to speculate about lasting reductions in deepwater drilling and the resulting impact on both long-term oil supply and the fate of climate change legislation.
from The Great Debate UK:
-Kees Willemse is professor of off-shore engineering, Delft University. The opinions expressed are his own.-