The BP Crisis -- or is it THE OIL CRISIS

Reactions to the massive oil flow into the Gulf of Mexico have, in many ways, been very short-sighted and self-serving. Yes, it is very correct to criticise BP for failing to stem the flow. However, many critics (and I think that Obama is one of them) have taken a "let's attack what we can see but not think about what it really means" attitude. The world now needs more oil than it needed 5, 10, 15, 25 and 40 years ago. Where will that oil come from ?

Just as the 11-September-2001 terrorist attack could have been an inflection point in weaning everyone away from the dependence on oil, lessons from the BP crisis could have been drawn. Oil companies, the US government, all Governments around the world and consumers could have taken a long-term and informed view --- this incident shows the major risks with current methods of economic and industrial growth.

The responses so far have shown a serious lack of maturity.

Matthew Lynn writes "BP Needs to Tell Whining Americans to Take a Hike"

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