I know it seems repetitous, but time after time we see the Messiah and the administration acting with apparent total disregard for economic realities.
We've got an oil spill in the Gulf. It is serious and it will cost billions to clean up. But we've dealt with bigger spills before, so it is reasonable to assume that this too shall pass.
BP has stated clearly that they are taking responsibility and it is readily apparent that they are doing things that push the envelope of deep-water drilling technology.
Through it all, what do we get from government? You know already, I don't need to repeat it.
Why did this happen? Well, we might look at what we have forced oil companies to do. There are more accessible shallow-water proven reserves. But we won't let companies exploit them. There are known deposits on land, but we won't let companies capture them. We force BP and others to create incredible machines to plumb the depths and in the process we increase the risks as well as the costs for the end products.
How is government helping BP now? The approved course appears to be threats, fines, distracting "investigations" and characterizations of corporate villainy. That should do it.
What next? How about this:
Kill LA's Economy Along With the Environment
Much like deep water drilling, that blast to the state's jobs is only the first visible layer. Beneath that we also have the drop in oil supply, leading to the market response of higher costs, leading to the impact on consumer energy expenses, and then to the inflationary impact on prices throughout the nation. All of this being perfectly destructive to economic recovery, job creation, and productivity stimulus.