The BP oil spill and American capitalism (tags)
"BP of course has done us wrong, as all corporations do. But it is capitalism that should be put on trial. This is an opportunity to move the people to that understanding. All who stand for progress and human advancement must seize this moment. In every conversation, every letter to the editor, every email, every blog post and every twit we must work to put the transformation to a different society on the table. Only an economy based on fairness and sharing can save us from the disease of capitalism that is ravaging this earth. Now is a time to scream this from every corner of the globe. In our groups and associations and as individuals we can begin this now. We may not stop until we have a new world!"
Gulf oil spill threatens economic, environmental catastrophe (tags)
"According to a report in the Wall Street Journal, the Deepwater Horizon oil rig lacked a device called an acoustic switch that could have shut off the flow of oil. The remote controlled device sends acoustic impulses through the water that can trigger an underwater valve to shut down the well. All offshore rigs have one main switch to shut off the flow of oil by closing a valve located on the ocean floor. There is also supposed to be a backup, a so-called “dead man,” that will shut down the well in the event of a catastrophe on the rig. Apparently neither of these devices worked on the Deepwater Horizon rig. The crewmembers who would have been closest to the shutoff switch are among those missing and presumed dead. With an acoustic trigger a crew can shut down a well even if the rig is damaged or evacuated. However, BP, which reported profits of $5.598 billion for the first quarter of 2010, vigorously resisted changes to US regulations that would have required acoustic triggers on deep sea rigs, citing effectiveness and costs, about $500,000 per unit. Compliant US regulators agreed, saying other backup plans were sufficient. They called the acoustic triggers unreliable and prone to causing unnecessary shutdowns."