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The Ironies of Capitalism June 8, 2010

Posted by Dwight and Lynn Furrow in Dwight Furrow's Posts, politics.
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The oil spill disaster in the Gulf is bound to make it more difficult to secure offshore drilling permits. In the future, eEnvironmental assessments will take much longer and require more rigor and thus will be much more costly.

I don’t know much about the oil drilling business, but I suspect this means it will probably not be cost effective for small and mid-size oil companies to explore for and drill new oil fields.

So, the big oil companies will have managed through their own carelessness to exclude competition.

The people who caused the accident will reap the rewards.

book-section-book-cover2 Dwight Furrow is author of

Reviving the Left: The Need to Restore Liberal Values in America

For political commentary by Dwight Furrow visit: www.revivingliberalism.com

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Comments»

1. Asur - June 9, 2010

A small to medium sized business interest wouldn’t be able to cover the financial liability of an accident, anyway; you wouldn’t want them involved in this to begin with.

2. Omid Maleki - June 12, 2010

Not digressing from the main topic here, not many people may know that British Petroleum (BP) used to be known as the “Anglo-Persian Oil Company” (APOC) back in 1908. In that year, BP discovered oil in Southern Iran for the first time in commercially significant quantities. The discovery pretty much sealed the fate of Iran in the hands of superpowers such as the United States, Great Britain, and Russia – all of whom wished to grab a piece of the pie. The oil in Iran became a reason for the country to be dominated and exploited by the superpowers.

Thereafter, In 1935, the “Anglo-Persian Oil Company” changed its name to “Anglo-Iranian Oil Company” (AIOC). In April of 1951, after the Iranian oil was nationalized under the democratic government of Mohammed Mossadeq, BP was expelled from Iran.

The British government (which owned BP at the time) contested the nationalization. By spring of 1953, President Dwight D. Eisenhower authorized the CIA to organize a coup against the Mossadeq’s government with support from the British government. In August of 1953, Mossadeq (who was falsely labeled as a “communist” by the US) was removed from office by the CIA’s covert operation known as Operation Ajax. After the removal of Mossadeq, BP resumed its exploitive operations in Iran until it was again expelled from Iran after the bloody 1979 Islamic Revolution, under the leadership of Khomeini. BP is an old player with significant power and influence; BP will not let itself be easily intimidated.

3. Omid Maleki - June 12, 2010

According to NPR, “BP is supposed to pay shareholders $2.6 billion in dividends later this summer. But politicians in the U.S. have been pushing the company to hold off. The idea is to get the company to hold on to cash it may need to pay for cleaning up the oil spill.” Yet, according to another source, it is estimated that about 40% of the BP shares are owned by Americans who would hate to see a freeze on their dividends this summer. As Karl Marx eloquently stated in his “Paris Manuscript”:

“Money . . . transforms fidelity into infidelity, love into hate, hate into love, virtue into vice, vice into virtue, servant into master, master into servant, idiocy into intelligence and intelligence into idiocy.”

We shall see how this transformation of “idiocy into intelligence and intelligence into idiocy” will unfold itself in coming months.

Asur - June 12, 2010

Omid, your blog is fascinating.

4. Omid Maleki - June 12, 2010

Dear Asur, I thank you for your comment about my philosophy blog. Twenty-two years ago, I began studying philosophy at Mesa College here in San Diego, under the fatherly and diligent care of Prof. Patrick Pidgeon for six years. So, both the college and this blog are sacred to me! Are you also from Mesa College (after which this blog is named)? Please, let me know if you have your own blog. Have a great weekend!

5. Asur - June 14, 2010

Aye, I’m a student at Mesa College.

I’m glad to see that philosophy is still such an important part of your life; when it really takes hold, it doesn’t seem the sort of thing to ever let go.

It speaks well of Mesa College and Professor Pidgeon that, so long after you’ve left, this is still part of your home.

Cheers.


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