Monday, May 03, 2010
Simply put: we need another guaranteed failsafe. If drilling a safety relief well for each rig is too "expensive", then the oil companies need to find another solution to mitigate the catastrophic risk of unstoppable oil gushers after blowouts. Because black swans are "expensive", too.
We need to take more of an "excessive" chaaaa...aaance on the side of safety.
Guys I'm talking to are telling me that there should be an undersea "christmas tree" on or near the ocean floor, along with a blowout preventer. The blowout preventer failed, but ROV's should be able to shut off the flow at the tree.
You're right, there should be reduntant safeties on a well. There should have been redundant safeties on the Challenger disaster too, but when things start failing you get a cascade effect that's hard to stop.
Let the experts work. They don't want to prolong this disaster any longer than necessary. BP is taking a huge hit, both in the media and in the checkbook. This is going to be hugely more expensive than if they would have drilled a shut-off well, or put three or four redundant systems down the hole.
BP's gonna pass this off on the folks who own the rig. They may have a decent case.
I also think that the last resort failsafe device-which was produced in Cameron, LA, unfortunately-that failed, will take a huge hit, as well.
But, BP is going to sue the hell out of the rig-owners, straight up...