Deregulation was moving full speed ahead. In 2008 the Bush-Cheney duo lifted the executive order banning offshore drilling, and the House of Representatives agreed to let a 26-year-old moratorium on offshore drilling expire. It was a man-made disaster, like Chernobyl.Īnd like the global financial crisis, it all started with the explosion of a bubble, this time of methane gas. The Deepwater Horizon disaster has the familiar ingredients of deregulation, deception, and destruction that characterize the relations between governments and multinational corporations. A version of this FPIF commentary will also appear on the Triple Crisis Blog, global perspectives on finance, development, and the environment.
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