One of the oldest sayings in the US Congress is: "There is no such thing as a good regulatory outcome".
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Since April 20, the oil and tanker industries have been confronted with the realization that the rules of risk management, and the framework of maritime liability, are being altered in many ways.
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It appears that some highly-placed BP executives had some sense of trouble to come, and talked.
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Robert Dudley is an American oil man who became an employee of British Petroleum, oops, BP, when it
absorbed Amoco, the former Standard Oil of Indiana, in 1998.
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BP investors will now lose their dividends for an undetermined period. The reality of risk is now apparent, and for the first time in history, a maritime-related event has had repercussions in the homes of, to use a current expression, "small people".
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Business, in many of its aspects, is occasionally a game of chance. Bad, unexpected things can happen. Failure punishes the unlucky, or unwary, or both.
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claytoonjpgHaving spent the last few weeks in Greece, cradle of democracy, the shipping industry, philosophy and fiscal irresponsibility, I have reconnected to my favorite ancient Greek philosopher, Herakleitos (Heraclitus to the untrendy).
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I'm taking a few days off before the stress of Posidonia, the biennale of shipping staged for the past 40-some years by Greece.
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From the Titanic to the current Deepwater Horizon crisis, the nagging question is: could the disaster have been averted, and if so, how?
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Dr. Quenton R. Dokken, Executive Director of the Gulf of Mexico Foundation, which now celebrates its twentieth anniversary, demonstrates what the petroleum industry can do when it heeds the "better angels of its nature".
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