How To Solve A Crisis With No Training
President Obama has called for a six month moratorium on drilling in the Gulf. Presumably, he will study the situation.
Rigs are moving out of the Gulf. It’s confirmed.
I spoke with the Houston based Vice President of an international supplier to the oil drillers. His company is preparing to supply these same rigs when they move to their new locations.
The rigs will go where they are wanted.
Brazil wants them, for sure.
Random Government Responses
The VP repeated an observation I’m hearing more often lately:
The big mine explosion didn’t cause a moratorium on mining.
The Toyota recall didn’t cause a moratorium on auto manufacturing.
But fully functioning rigs, pumping vast amounts of oil… shut ‘em down.
OK, Boss. Whatever you say.
The price of oil will rise. U.S. trade deficits will widen. Unemployment will rise.
With this one, we get higher costs and fewer jobs.