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| ▲ | jsbisviewtiful a day ago | parent | next [-] | | Just about every week there’s news of some kind of ecosystem damage by another negligent company that streams into my RSS feed. Related, but the American gov recently invaded a country to take its oil while simultaneously shutting down funding for green energy projects. Exhausting. | | |
| ▲ | lesuorac a day ago | parent | next [-] | | The problem is sometimes the lessoned learned is don’t be responsible. So no longer own oil tankers and instead each ship is owned by its own LLC so just that piece goes down and the liability gets capped to its insurance contract. | | |
| ▲ | jacquesm 21 hours ago | parent [-] | | Externalization at its finest. Pocket the profits and let the world deal with the trash. I absolutely hate these people. | | |
| ▲ | kortilla 19 hours ago | parent [-] | | “A made up scenario, I am outraged!” Do you know that BP wasn’t the company that spilled? LLCs don’t let you shirk responsibility like that. | | |
| ▲ | jacquesm 8 hours ago | parent | next [-] | | I think you are still on the Deepwater Horizon thing, a judge had this to say about that. "In September 2014, a US district court judge ruled that BP was primarily responsible for the oil spill because of its gross negligence and reckless conduct." But my comment was related to parties that break their empire into little bits to avoid responsibility. And yes, the corporate veil can be pierced. No, that happens so rarely that it hardly matters. | |
| ▲ | lesuorac 11 hours ago | parent | prev [-] | | Deepwater Horizon isn’t a ship. https://en.wikipedia.org/wiki/Exxon_Valdez_oil_spill But the effect is that oil companies just manage the logistics of the ships and don’t own/operate them themselves. Ex. BP founded an entity to manage all the ships they were acquiring and later sold all the ships off to avoid liability. https://en.wikipedia.org/wiki/BP_Shipping |
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| ▲ | nradov a day ago | parent | prev | next [-] | | I don't condone corporate negligence or violations of environmental protection laws, but some kind of ecosystem damage is an inevitable consequence of humans existing with an advanced industrial civilization. We're going to have an impact. | | |
| ▲ | palata a day ago | parent | next [-] | | > but some kind of ecosystem damage is an inevitable consequence of humans existing with an advanced industrial civilization Well in this case the consequence is "we are destroying the conditions of our own survival". Open question is whether an advanced industrial civilisation can survive at all. | | |
| ▲ | lazide a day ago | parent [-] | | That is literally every organism | | |
| ▲ | palata 21 hours ago | parent [-] | | Literally, yeah. The carbon footprint of the advanced industrial activity of ants is scary, we are trying to convince them to slow down with their aviation. | | |
| ▲ | lazide 21 hours ago | parent [-] | | Our scale is unique. Literally everything written in that description applies to ants, fungi, etc. too | | |
| ▲ | palata 11 hours ago | parent [-] | | > Our scale is unique "Everything applies to the others, except for the one thing that makes it different". When it is "EXACTLY the same, EXCEPT for", it means it is not, actually, the same. | | |
| ▲ | lazide 8 hours ago | parent [-] | | It means all but one thing is the same. Did you just learn to read or something? | | |
| ▲ | palata 3 hours ago | parent [-] | | Did you? "All but one thing is the same" != "It is literally the same" | | |
| ▲ | lazide 3 hours ago | parent [-] | | Yup. The great oxidation event would like a word. The effect of all life forms on their environment were described, and then ‘omg’ as if humans were somehow unique in this. The dominant form of life on the planet is starting to have a dominant effect is unsurprising. Entropy also exists. Entropy is far from unique to humans. Notably, the population problem appears to be starting to self correct, but that may change with differences in ideaology. For anyone that has raised animals or spent much time in nature, it’s clear humans are relatively low impact and pretty clean per human. The issue is the sheer numbers. |
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| ▲ | itishappy a day ago | parent | prev | next [-] | | That sure sounds like the definition of "condone." | | | |
| ▲ | goatlover a day ago | parent | prev | next [-] | | Yes but we could have a significantly less one though. We're extremely wasteful and plan ahead poorly for minimizing the environmental impact, which becomes a partisan political issue instead of just doing our best to live in a healthy environment. | |
| ▲ | api a day ago | parent | prev [-] | | If you compare our impact per capita and per dollar of GDP it’s much less today than 50 years ago. There’s just more dollars and more capita. We are getting better at this. Time will tell if we are getting better at it fast enough. Ask someone in 2126. And no I don’t think we will be dead, but if we do too much damage the world may be severely degraded and they might be quite angry at previous generations for basically leaving them with the bill. |
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| ▲ | loufe 21 hours ago | parent | prev | next [-] | | It's not really your argument, but to be clear nobody is actually claiming the US followed Israel into war with Iran because of oil. | | |
| ▲ | fizwidget 21 hours ago | parent | next [-] | | It was surely a reference to Venezuela. | | |
| ▲ | ryandrake 20 hours ago | parent [-] | | Kind of sad comedy that when someone says "The US invaded a country for its oil" it is entirely unclear what the country is. | | |
| ▲ | 4ggr0 15 hours ago | parent [-] | | especially if you take 'invaded' as face-value as being in the past. are we talking about Iran, Venezuela, Yemen, Libya, Iraq, Panama, Nicaragua, Honduras or Mexico? (some countries could be mentioned multiple times) (some people will want to argue if all of these were true military invasions. fine, then let's call some of them CIA coups, soft-power takeovers, planned regime changes etc.) (tried to contain this list to instances were it was about oil, remove the oil and the list would get a loooot longer) |
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| ▲ | nextaccountic 21 hours ago | parent | prev [-] | | The country is Venezuela |
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| ▲ | kortilla 19 hours ago | parent | prev [-] | | What’s exhausting is shifting the goal posts. BP should be held up as a great example where the responsibility transferred onto the shareholders. “Oh, but there are other bad actors doing things” is not a counterpoint. That’s the same as claiming a government can’t work by pointing to a different failed policy every time someone points how how a policy failure was corrected. |
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| ▲ | usefulcat a day ago | parent | prev | next [-] | | > $140 billion if you include total financial cost to BP. That's more than their current market cap ($127B), and the stock price right now is not that far from where it was just before the spill ($49 now, around $59 just prior to the spill). I'm just curious how that was accomplished, given that it would not have been a great time for them to be borrowing or issuing new shares, for obvious reasons. Maybe if it was spread out over like 10 years it could be more doable, but still that seems like a lot. | | |
| ▲ | ojame a day ago | parent | next [-] | | Essentially how most businesses (big and small) handle this situation. Multi pronged approach. Sold a bunch of assets to raise funds (about 38b apparently), cut the dividend, borrowed the remaining (you'd think after such an event it's 'hard' to raise capital but in reality BP has a great financial record and there's a chance they had prior agreements in place) and then spread cost out over ~10 years. | |
| ▲ | zdragnar a day ago | parent | prev | next [-] | | The stock price fell by 50ish percent, and they've spent 16 years recovering. | | |
| ▲ | 8 hours ago | parent | next [-] | | [deleted] | |
| ▲ | gilrain a day ago | parent | prev [-] | | Yet, our ecosystem likely never will. I wonder which is more important to not let fail. | | |
| ▲ | esseph 18 hours ago | parent [-] | | That fuel paid for people to get to work, it paid for people to get food to them, it paid for ambulances to get to hospitals. It was also the gaskets that let your plumbing and toilet work, the covering on the electrical wires in your home, and the sanitary wrapper over the medical equipment that saved numerous lives today. Humans may all die, but the planet was here before we were, and will continue to be here long after we're gone. We should be better stewards, sure. | | |
| ▲ | s1artibartfast 16 hours ago | parent [-] | | I had an interesting conversation with a geologist working on old superfund mining sites. He explained that the pollution is awful, but the metals extracted also electrified and connected the US. He said we can both accept that it was a worthwhile trade, while also paying the bill to remediate the damage now. We were discussing new lithium mines and he said similar tradeoffs exist today, but we have much more knowledge and technology to mitigate the downside. |
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| ▲ | missedthecue a day ago | parent | prev [-] | | BP share price was over $100 the month before the disaster. They sold $45B in global assets and subsidiaries (including most of their refinery business and land holding 6 billion barrels of proven reserves) and cut their dividend to fund the damages and fines. | | |
| ▲ | tristanj a day ago | parent | next [-] | | > BP share price was over $100 the month before the disaster If you checked the share price via Google Finance, it's off by 2x. The share price on April 19, 2010 (a day before the disaster) was $59.48, not >$100. Google Finance is erroneously reporting the price. | | | |
| ▲ | usefulcat 8 hours ago | parent | prev [-] | | According to Yahoo Finance it was around $59 at that time, not $100+. |
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| ▲ | nilamo a day ago | parent | prev | next [-] | | It wasn't enormous enough in fines, since they're still in business and capable of doing it again, and again surviving such fines. | | |
| ▲ | asdff a day ago | parent | next [-] | | Even if it was enormous enough in fines to put them out of business, the industry as it is with all its inherent risks will still exist because that is still legally allowed. Forget a fine; outlaw the behavior that lead to the issue. Incentivize new emergent behavior instead of just hedging. | | |
| ▲ | appreciatorBus a day ago | parent [-] | | The behavior that leads to the issue is individual consumers driving cars. Outlawing this would nuke demand for fossil fuels which encourages risky well drilling. But since 99% of Americans drive they tend to get very unhappy about the prospect of banning the vroom vroom. This is a real and challenging political problem. We can't get around it by pretending that corporations drill for fun. | | |
| ▲ | georgeecollins a day ago | parent | next [-] | | There is no oil drilling off the Santa Barbara coast. There is plenty of oil there, they just care about different things. I agree it would be good to get rid gas cars, but you can't just outlaw them-- for practical and legal reasons. Maybe have the price of every environmental harm added to each gallon and let people adjust their habits accordingly? | | |
| ▲ | esseph 19 hours ago | parent [-] | | > Maybe have the price of every environmental harm added to each gallon and let people adjust their habits accordingly? So the people living outside of cities that commute because they can't afford to live there, will now pay that additional tax. |
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| ▲ | noworld a day ago | parent | prev | next [-] | | I’d take it a step further. Most people don’t drive by choice, but because of the zoning and regulations that create sprawling suburbs meaning almost no one can live without a car. Can’t get to work, can’t get groceries, can’t get the kids to day care without a car. Edit: want to add the sprawl also makes efficient mass public transportation nearly impossible. | | |
| ▲ | trollbridge a day ago | parent [-] | | In places with absolutely no zoning whatsoever, people still drive cars, motorcycles, mopeds, etc. People like fast, on-demand transportation they're in control of. The answer is electric vehicles. | | |
| ▲ | Sharlin a day ago | parent [-] | | Cars make themselves not-fast by their sheer inefficiency unless huge amounts of taxpayer money is continually poured to the infrastructure. What’s incredible is that cars have been getting even larger, an example of astonishingly perverse incentive structures. | | |
| ▲ | trollbridge a day ago | parent [-] | | From my experience in the third world with quite poor infrastructure (e.g. unpaved roads, lack of traffic control devices anyone respects etc.), cars and motorcycles are still everywhere. Some places like Ethiopia have simply switched to EVs by encouraging their import and discouraging import of non-EVs. Now, most vehicles there are EVs. | | |
| ▲ | Sharlin 21 hours ago | parent [-] | | Yes. Which is exactly the problem. If cars cause traffic jams - never mind their other externalities only some of which are fixed by EVs - then that just means cars are too cheap and their true costs aren't reflected in their price. Cars are a classic tragedy of the commons, everyone in traffic would prefer that there be less traffic so they could get to places faster. | | |
| ▲ | trollbridge 18 hours ago | parent [-] | | Describe how you think these “true costs” should be imposed. In the third world, infrastructure isn’t generally subsidised. People have to pay for everything. Yet cars, trucks, and motorbikes are still preferred - including EVs. It is often a huge increase in a family’s quality of life once one of them saves enough to get a motorbike or ebike. | | |
| ▲ | Sharlin 7 hours ago | parent [-] | | People nowhere pay for the full external and opportunity costs of cars, particularly ICE cars, in the purchase price (or even in fuel price), including carbon emissions, particulate emissions, noise, waste of space, perceived and actual safety, and so on. Cars are literally an econ 101 textbook example of negative externalities. Two-wheel vehicles are much more reasonable in all ways, I’m not arguing against them (although two-stroke ICEs are definitely terrible things). |
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| ▲ | gedy a day ago | parent | prev [-] | | So can I work from home then instead? |
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| ▲ | ryandrake 20 hours ago | parent | prev | next [-] | | Don't worry. BP is sorry[1] for the spill. That should be enough, right? 1: https://www.youtube.com/watch?v=9u0EL_u4nvw | |
| ▲ | a day ago | parent | prev | next [-] | | [deleted] | |
| ▲ | Mistletoe 19 hours ago | parent | prev [-] | | Didn’t you hear? They (gasp) had to suspend the dividend. |
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| ▲ | seizethecheese 17 hours ago | parent | prev | next [-] | | A recent Conversations with Tyler episode with Jared Diamond made this point. Diamond mentions touring a oil drilling facility expecting to be outraged but being shocked at the safety effort on display. His explanation was that the oil companies are terrified of spills. | |
| ▲ | gherkinnn 14 hours ago | parent | prev | next [-] | | Not enough. Chances are that I will get a higher relative penalty for emptying a porta potty on a beach. | |
| ▲ | jmclnx 20 hours ago | parent | prev | next [-] | | BP is a European company. You know what the cost would have been for ExxonMobil? Pocket change. See multiple spills in Alaska for examples. | |
| ▲ | bmitc a day ago | parent | prev | next [-] | | BP's revenue in the last 30 years is over $6.5 trillion. Other than the bad press and some lost coins, they don't really give a shit. | |
| ▲ | a day ago | parent | prev | next [-] | | [deleted] | |
| ▲ | mcculley 21 hours ago | parent | prev [-] | | Did anyone go to jail? Was anyone executed? Was BP dissolved? Not enough stakeholders are terrified enough. If the upside is profit and the maximum downside is losing money, corporations will happily rape the Earth. The system is working as designed. | | |
| ▲ | nothercastle 21 hours ago | parent [-] | | Even if we executed everone involved the lesson would have been to segregate responsibility and find a fall guy |
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