Scrap oil subsidies and use money for clean energy

The $20 billion it will cost BP to clean-up and compensate for the environmental and economic damage done by the Deepwater Horizon oil rig, would have been better spent on building alternative energy projects and funding research into clean technology.

Similar to the lax regulation that led to the banking crisis here in Ireland, efforts to strengthen regulation were blocked by the Cheney-Bush Administration and the industry demanded and achieved essentially voluntary, self-regulation and self-certification.

For instance, when the Minerals Management Service requiring an acoustic backup system to shut off the blowout preventer in the event of a disaster was put forward, lobbying by BP and other oil companies, succeeded in them dropping the demand.

Unfortunately now that money has to be wasted on cleaning up this disaster of all disasters, and the need for saying “goodbye” to dirty oil is dangerously extended into the sullied horizon.

Hopefully the Deepwater Horizon lesson will advance the imperative to halt multi-billions in subsidies “big oil” annually receives, and the money saved can be diverted to cleaner energy and safer, greener technology.

John Fitzgerald

Fahee

Kilmacow

Co Kilkenny