Tags: paul | krugman | oil | disaster

Krugman: Oil Industry Is Courting Disaster

Thursday, 13 May 2010 10:19 AM

The oil industry is “courting disaster” with its handling of the oil rig blowout in the Gulf of Mexico, writes Nobel Prize winning columnist Paul Krugman.

Krugman notes that the environment “won’t take care of itself,” and that unless carefully watched and regulated, modern technology and industry giants like BP can all too easily inflict “horrific damage” on the Earth.

“Will America take heed? It depends a lot on leadership. In particular, President Obama needs to seize the moment," he recently wrote in the New York Times.

Obama "needs to take on the ‘Drill, baby, drill’ crowd, telling America that courting irreversible environmental disaster for the sake of a few barrels of oil, an amount that will hardly affect our dependence on imports, is a terrible bargain,” writes Krugman.

The columnist, however, notes that Obama isn’t as well positioned to make this a teachable moment as he should be.

“Just a month ago he announced a plan to open much of the Atlantic coast to oil exploration, a move that shocked many of his supporters and makes it hard for him to claim the moral high ground now,” wrote Krugman.

“But he needs to get beyond that. The catastrophe in the gulf offers an opportunity, a chance to recapture some of the spirit of the original Earth Day. And if that happens, some good may yet come of this ecological nightmare.”

Not everyone agrees with that pessimistic take, however. Many experts said the oil slick has boosted shares of oil recovery companies.

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The oil industry is courting disaster with its handling of the oil rig blowout in the Gulf of Mexico, writes Nobel Prize winning columnist Paul Krugman. Krugman notes that the environment won t take care of itself, and that unless carefully watched and regulated,...
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2010-19-13
Thursday, 13 May 2010 10:19 AM
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