The Gulf Oil Rig Explosion and Your Personal Finances
What has happened from the gulf oil rig explosion and is about to happen to the Louisiana coast is going to cost all of us. It won’t be pretty but even Mr. ToughMoneyLove is disturbed by what is happening there.
Second, the U.S. government will be spending billions of taxpayer dollars on oil spill abatement and remediation. We don’t have billions more to give. More taxes and more inflation pressure are sure to follow.
Third, the government may declare a temporary halt to all gulf drilling to assess safety and protection issues. That will generate a production shortage and, again, a there may be a spike in retail gasoline prices.
Finally, the forces aligned against increased off-shore drilling have had their case made for them, in the worst possible way for the pro-drilling crowd. Loss of human life followed by an environmental disaster. Despite recent pronouncements to the contrary, I just can’t see President Obama now giving the green light to more oil rigs off our shores.
Electric vehicles here we come.
Do you know what is ironic and a problem for the anti-nuclear energy crowd? Based again on recent events, nuclear power production continues to be safer than oil or coal. Can we please go there?
Oh, and I don’t want to hear any more whining about wind turbines from those folks on Cape Cod. “Not in my backyard” doesn’t cut it anymore.