These 'mom and pop' oil drilling companies the Rethugs want to protect?

[NNN0LHI]

I know 'mom and pop' sounds nice and folksy to these idiots but what would have happened if it was a 'mom and pop' drilling company that had caused this latest uncontrollable oil gusher? Here we have BP and Halliburton who are huge multinational corporations worth billions and they may go bankrupt over this.

Who were the Republicans planning on paying for a gusher like this off of someones coast after some 'mom and pop' oil drilling company did something like this? Big gubmint? Is that their plan?

Shouldn't someone in the media be asking these obvious questions?

Don

[Scuba]

1. They want to privatize profits and socialize losses.

[CanonRay]

2. My brother-in-law runs a "mom & pop" oil company

He drills in Kansas. He would never have the resources to drill offshore. That rethug argument is pure B.S.

[Titanothere]

5. And if your brother in law went in on a well with another company as a minor partner

which if his business grows he eventually will, and THEY make a big mistake, he'll be on the hook for a percentage of the penalties which could easily put him out of business.

Take a look at Anadarko's stock price (APC). They have a 25% interest in the well, non-operator so they don't get to make decisions on the rig or really have final say on anything, and now they're stuck with potential costs that could bankrupt them because of BP's actions.

Of course you should carry insurance for this type of thing with BP apparently dropped a few years ago (dumb move) but you can't carry insurance for 10 billion dollars.

Anadarko's only hope is that they can prove gross negligence by BP and stick them with the whole bill. Which I sincerely hope they're able to do.

Oh yeah, they're also paying $500k/day for three deepwater rigs they can't use now that Salazar not only wants them to still pay for an not use, but also pay everyone's salary while he puts them on forced vacation.

[sinkingfeeling]

3. 'Mom and pop drilling companies' when it costs $billions to deepwater drill?

http://industry.bnet.com/energy/100029/cost-of-offshore-drilling-rising-as-fast-as-oil-prices/

A supply shortage for classes of offshore rigs capable of drilling in up to 10,000 feet of water means that the daily rate that operators pay to rent a high-end, deep-water drilling rig is now $500,000 to $550,000. That’s up from a day rate of $450,000 to $500,000 a year ago-and more than double the price per day on the spot market just three years ago, according to ODS-Petrodata Consulting & Research

And that's from 2008.

[pocoloco]

4. Wonder how much this one is leaking..........

.......and why it's staying under the radar????

"Admiral Mary Landry said that she was unaware there was another drilling rig leaking oil in the Gulf."


http://blog.al.com/live/2010/06/another_gulf_oil_spill_well_ne.html