Tag: Oil spill report

Kiran Stacey

Now we’ve all had a day to digest the 300+ pages of the National Commission’s report into the BP oil spill, it’s worth taking a look at what the reaction has been from the wise old heads of the print and online media.

First up, the FT’s Sylvia Pfeifer points out how badly US regulation compares to that in other countries:

One of the most damning conclusions of the national commission report was that other countries with strong offshore oil industries, including Britain and Norway, had better regulatory systems than the US.

Where the US Minerals Management Service was clearly not fit for purpose, other countries – often prompted by their own offshore disasters – have put in place regulations that seem to have been more effective at preventing fatal accidents.

Kiran Stacey

This may be merely coincidence, but it seems unlikely.

The best performing sector on the benchmark US share index, the S&P 500, is currently energy. Of that sector, it is the oil services companies that are doing best – the ones who might have been hit heaviest had stringent new regulations hampered the way they were able to run rigs.

As I write, the sector as a whole is up 1.5 per cent, with services companies rallying 2.6 per cent. Halliburton is up 3 per cent, while rivals Cameron International and Baker Hughes have risen 4.5 per cent and 3.3 per cent respectively.

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