By Paul Garrett
That the BP Gulf of Mexico oil spill is an environmental disaster is not in dispute. But the root cause of it and the political fallout – as Prime Minister David Cameron heads to Washington for a summit with President Obama, is worthy of analysis.
Issue one – in an increasingly low carbon orientated world, the US is still addicted to oil. That is why it is betting the farm on importing tar sands from Canada and deep water drilling in the Gulf of Mexico – both strategies which carry a huge environmental premium.
Issue two – drilling in the US requires a US partner – hence ‘British Petroleum’, as President Obama insists on calling it, needed US sub-contractors, including Halliburton, who were actually the hands on managers of the Gulf rigs.
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