It now appears that BP had many advance warning signs in the days and weeks leading up to the fateful explosion on the oil rig that lead to the events that have so firmly shaped the future of the energy industry. There were multiple events in time leading up to the distaster that hinted that things were not perfectly well at all. Among these oversights were the fact that BP ignored tests which said that the bottom of the well was not able to hold under current pressure.
One can only wonder what impact this further disgrace for BP will have on the energy industry. Obviously even more blatant errors by BP will lead to further government regulations, as the article notes. What will the effects be on oil and stock prices? Only time will tell, yet it seems that this can not have a positive connotation for the industry.
http://online.wsj.com/article/SB10001424052748704648604575620511160070900.html?mod=WSJ_Energy_leftHeadlines
BHP Corp. has become a symbolic punching bag in the past year for increased tensions between the energy markets and government regulatory commissions. I feel events, such as the rig explosion are simply acceptable outcomes in relation to the standards of our living. Regardless of regulation there will always be danger included when looking for affordable resources.
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