The Gulf oil spill may be raising prices for long-dated (eight years hence) crude oil futures. But is it really going to have much effect on fossil fuel production around the world?
Fossil fuels, after all, have a lot of form for enduring all kinds of disasters and tragedies.
Look at coal, for example: cheap, geographically well-distributed and ever more popular in recent years. The industry’s history is littered with accidents and fatalities, and just this year we have seen tragic mine accidents in the US (in which 29 people died) and Russia (at least 66 people died) . There were also several big coal accidents in China, but they need to be seen in the context of 2,631 deaths in coal accident deaths in the country last year alone.
And few have raised the prospect that coal mining will be reduced.



