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Solution to Future Oil Spills
How about this:
- Set a price on the cost of a spilled barrel of oil (eg $1,000 a barrel).
- Require every drilling rig to carry an insurance policy that will cover 7 million barrels of oil. The Deepwater Horizon spill released 4.9 million barrels of oil into the gulf. BP is currently paying $20 Billion into a response fund.
- Require that those insurance companies demonstrate they can cover the policy. Too Big to Fail = Big Enough to insure offshore rigs.
- Watch as the insurance companies, motivated by collecting premiums and not paying out for damages, crawl over every square inch of every drilling rig.
Courtesy of: http://i.imgur.com/WGY1d.png
Tags: bp, deepwater, horizon, oil, solution, spill
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