Energy systems need to also be measured according to the potential risks associated with them in the advent of failure. And the actuarial costs of these risks need to be better understood and included into the market price for the energy that these systems produce. This post examines this catastrophic downside risk of nuclear and fossil energy focusing on the recent events in Japan and on the BP oil spill as two recent examples of hugely expensive catastrophes. It poses the question why should the taxpayers and the public bear the burden of these costs in this manner artificially lowering the price these energy sectors are thus able to charge for their products.
It’s been a big year for corporate responsibility. A huge oil spill, continued ructions in the financial sector, landmark decisions in the courts, and a new dawn for online companies around human rights issues are among the top CSR stories of 2010.
Was Corporate Social Responsibility responsible for the BP spill? Absolutely! CSR? Don’t quit your day job! (so says the Washington Post)
Can we really ever move beyond petroleum? Traditional fossil fuels like coal and petroleum are so ingrained in our culture and way of life that eradicating them as fuel sources soon is unlikely. We need to think about what we produce and the costs that go beyond the balance sheet: the costs to the environment, to the people that live where our raw materials originate, the cost of the life of a pelican, gull or fish. It is our personal responsibility to consume less and conserve more.
The purpose of this article is to point out the hundreds (possibly thousands) of job opportunities that will be created in other industries because of the Oil Spill and other unfortunate crises. Hinton Human Capital stands in firm support of the thousands of people who have lost their businesses and jobs due to this disaster.
The disastrous oil spill in the Gulf of Mexico has reopened the debate over the direction the United States’ energy future is headed. Now more than any other time in history, citizens are beginning to understand the necessity to evolve past our love affair with oil. An economy that is dependent on a non-renewable, quickly fleeting resource can only move towards instability if alternative fuels are not found. The Congressional Budget Office is beginning to analyze how energy policies and initiatives to reduce greenhouse gas emissions will affect employment in an economy that is trying to pull itself out of a recession. Democrats are pushing for a comprehensive energy bill that will enhance the production of clean energy technologies, put a price on emitting carbon, reduce greenhouse gases by a significant amount over the next 20 years, and influence entry into a range of new renewable energy industries. Senators John Kerry and Joseph Lieberman are due to present their energy bill in the Senate next week. This bill, The American Power Act will be hard-pressed for passage without strong republican backing. The loss of republican Senator Lindsay Graham as a cosponsor of this bill is devastating. White House spokesman Robert Gibbs said, “the oil spill showed drilling alone would not solve U.S. energy problems and that higher summer fuel prices will heighten consumers’ views that the country must move more aggressively into alternatives.” (Cowan & Gardner, 2010) If the country decides to aggressively reduce greenhouse gas emissions, this will have many significant implications for employment in our country.
Scientists monitoring the massive BP oil spill with the European Space Agency’s (ESA) Envisat radar satellite say that it has entered the Loop Current, a powerful oceanic conveyor belt that flows clockwise around the Gulf of Mexico towards Florida. It is expected to begin impacting FLorida in six days time.