Cart (0)
VIDEOReflections on Global Interdependance's Gulf Oil Spill Disaster Seminar
The good news is, although the ecological destruction in the Gulf isn't good, it's not as terrible as was once thought -- and for a variety of reasons.
 |
|
The conference was sponsored by the Global Interdependence Center (GIC). David Kotok of Cumberland Advisors organized the event with help from people from Louisiana State University. The quality of the speakers was outstanding. They were extremely knowledgeable and well-connected. The meeting was conducted under the Chatham House Rule, which means all the speakers spoke off the record, unless they indicated otherwise. This allows for a more frank discussion. So, much of what you'll read from me is my impressions of what I heard, which I cannot attribute to specific speakers. Indeed, some would be at some occupational risk if I did so.
Some of what I write today will be controversial to some readers. That is a risk I'll take, as the large majority will find this interesting, or at least I hope so.
From Unmitigated Disaster to Merely Disaster
Let's begin with the good news. The ecological destruction that was first feared isn't going to be as bad as once thought, for a variety of reasons. It's not good, but it's not the unmitigated disaster it could have been.
Edward Overton, PhD, Professor Emeritus, Department of Environmental Sciences, LSU, is an expert on oil spills. He was at the Exxon (XOM) Valdez. The Exxon Valdez (EV) was a big, black, thick tide of oil. The Deepwater Horizon is a much bigger spill: Every 10 days the amount of the EV spill spewed into the Gulf, from April 20 to July 15. Professor Overton spoke mostly for the record. He's very much a concerned environmentalist, and he's also a very serious scientist.
He reminded us that the Louisiana wetlands are a very important part of the ecological system of the Gulf of Mexico. Oversimplifying, they are the nutrient source for the small-animal world, which feeds the larger. Without the wetlands, much of the Gulf ecosystem dies. If they were destroyed, they wouldn't come back very easily, as without their very root system the land would erode away. Bluntly, oil kills wetlands if it gets into it.There are only three ways to get rid of an oil spill: You can mechanically remove it, chemically remove it, or burn it. They used all three methods. But not fast enough. The Obama administration dithered while Rome burned. (This isn't from Overton.)
As The Christian Science Monitor reported in "The Top Five Bottlenecks":
Three days after the accident, the Dutch government offered advanced skimming equipment capable of sucking up oiled water, separating out most of the oil, and returning the cleaner water to the Gulf. But citing discharge regulations that demand that 99.9985% of the returned water be oil-free, the EPA initially turned down the offer. A month into the crisis, the EPA backed off those regulations, and the Dutch equipment was airlifted to the Gulf.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
