Friday, May 28, 2010

THE OIL DOLLARS TRAGEDY


I've suggested previously that "The Dollars Trilogy" provides an alternative narrative for New Labour's time in office: please see my post of 17 March. However, "The Oil Dollars Trilogy" may provide a more appropriate description of the years between 1997-2010, when the so-called US-UK "Special Relationship" dominated so much of the governance of Britain.

It is, therefore, a tragic twist to this narrative that "The Oil Dollars Trilogy" should end with a failure of governance on the part of the US administration in regulating the activities of British Petroleum in the Gulf of Mexico. For it turns out that BP were exempted from the provision an environmental impact assessment prior to the sinking of the deep sea oil well whose subsequent leakage has brought catastrophe to the area. Had this precautionary principle - see my post of 30 April - been adopted, the subsequent narrative might have been very different.

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