Here’s a great EIA chart found by Paul Kedrosky.
Remember, well blowouts are not new. What’s new is a well blowout at this depth (basically rendering past fixes useless). And with the low-hanging fruit obviously* being depleted, a blowout at this depth was always going to grow in likelihood.
*For what it’s worth, we’re already seeing one line of attack against this point, which is that liberal regulations have pushed the oil drillers to go further away form the shore than necessary. We’re sceptical, but feel free to argue otherwise, and show us why we’re wrong.
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