BP oil spill reflects the dark side of capitalism

Published 9:46 am Thursday, June 3, 2010

“An ounce of prevention is worth a pound of cure.”

Too bad British Petroleum (BP) didn’t subscribe to this adage. Not in recent times have those words been more prophetic than now. We are learning the hard way that it really is better to act to prevent a problem than to deal with it in retrospect.

Given its history regarding safety issues, it is not surprising that the BP execs don’t have a clue as to how to stop the oil that is gushing into the Gulf of Mexico. They don’t know because they didn’t have an ounce of concern to know. Driven by a profit-making mentality, they didn’t want to expend the time or money to employ an ounce of prevention. They didn’t have too. So, they didn’t.

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Surprised? Don’t be. For years, BP has been playing Russian roulette with the environment and the livelihoods of millions of people. Their luck ran out and unfortunately everybody will take the hit for generations to come.

BP has a well-documented history of fighting against layers of safeguards. As recently as 2005, the company pleaded guilty to federal felony charges when a massive explosion in a Texas refinery tower killed 15 workers and injured 170 others. The cause was negligence; ignoring protocol and disabling a warning system.

In 2006, 4,800 barrels of oil leaked into the ground in Alaska through a hole in the company’s pipeline in Prudhoe Bay. Again, the cause was negligence; failure to inspect the pipeline, although a warning had been issued to do so four years earlier.

Could stringent government regulations have averted this tragedy? Do American citizens play a part in this calamity? I think so, on both accounts. According to 2009 Gallup polling data, almost half of all Americans (45 percent) believe in less government regulation of businesses. Another 57 percent say the government is trying to do too many things that should be left to businesses and individuals. In light of the BP oil disaster, I wonder what those polling numbers would look like if taken today.

It is not surprising that any corporation would balk against more regulations from the federal government. Let us not forget the notable failures resulting from deregulation however, including the collapse of the savings and loan industry in the late 1980s, the California electricity crisis in 2000 and Enron’s market manipulation and deceptive accounting practices in 2001.

Deregulation breeds self-interest and greed and greed knows no boundaries. History confirms that when left to their own devices, some business executives will cut corners, cook books, and devise scams. This is the dark side of capitalism.

People must understand that federal regulation of businesses, while inconvenient and even annoying at times, is necessary for our own protection. Regulations provide a body of rules to govern activities based on our country’s values. Big business needs to be regulated to do what is prudent over the long haul. Or we can brace ourselves for more fallout created by those who operate without conscience.

When all is said and done, I believe in light of this great oil tragedy in the Gulf, more Americans will demand increased regulation of big business, have a greater appreciation for the tree-hugging environmentalists who are often scoffed at, and will rethink the arrogance and zeal to “drill baby drill.”

Debra Anderson is a former Vicksburg resident who lives and works in Jackson. E-mail reaches her at Debra800@hotmail.com