No Picture

Gulf Oil Spill: America’s Chernobyl

Source: Foreign Policy in Focus

The Deepwater Horizon disaster has the familiar ingredients of deregulation, deception, and destruction that characterize the relations between governments and multinational corporations. It was a man-made disaster, like Chernobyl.

And like the global financial crisis, it all started with the explosion of a bubble, this time of methane gas.

The Wages of Deregulation

In 2008 the Bush-Cheney duo lifted the executive order banning offshore drilling, and the House of Representatives agreed to let a 26-year-old moratorium on offshore drilling expire. Deregulation was moving full speed ahead. read more