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Oversight problems behind the BP Gulf of Mexico oil spill

This podcast from the Economist is extremely interesting.

The interviewee, Bill Galston of the Brookings Institution, details some of the offical incomptetance which likely contributed to the events leading to the spill.

His analysis of the conflicts of interest in the regulatory authorities, dating back to the Bush administration days, is fascinating.

And his sharp analysis of the political landscape around oil emerging from the disaster is worth ten minutes of your time.

What I always find amazing about insights like this (in this case how shockingly managed/incentivised the regulators have been) is how surprising they are.

It just goes to show, you should never assume that just because we know how to deliver oversight on important issues (in this case offshore drilling) it doesn’t mean we are actually doing it!

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