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31
17
Agree Disagree
Debate Score:48
Arguments:34
Total Votes:50
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 Agree (20)
 
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Market Failure Illustration: BP Oil Spill

The White House Oil Spill Comission found recently that BP and its affiliates (Halliburton and Transocean) were negligent in their creation of the Macondo well. The companies took shortcuts and cost-cutting measures during the creation which culminated in structural failure, the deaths of eleven employees and the leaking of about five million barrels of raw oil into the Gulf of Mexico.

It is reported that the government oversight comittee for the well, The Minerals Management Service, lacked the authority and expertise for the duty, and is even suggested that the oversight comittee was overtaken by the very companies which they were intended to be monitoring.

My question therefore is: Does BP and its affiliates' roles in this disaster illustrate a glaring weakness in the market's ability to regulate negative and irresponsible behaviours?

Sources:

Obama oil spill commission's final report blames disaster on cost-cutting by BP and partners
Panel: BP, others made risky decisions before spill
Blunders Abounded Before Gulf Spill, Panel Says
Commission: Without changes in oil industry and government, huge spill could happen again

Agree

Side Score: 31
VS.

Disagree

Side Score: 17
6 points

This tragedy illustrates to us all the limitations of capitalism: it may work very well at motivating entrepreneurs and innovators to develop novel technologies and cheaper or higher-quality goods but it cannot be relied upon to motivate solutions for problems which do not rely upon profit-based incentives like keeping our environment clean and safe. Morality, ethics, safety and environment are all concerns which cost a company profit and capitalism will motivate companies to cut corners. We need to learn from our mistakes to stop these disasters from happening so frequently.

Side: agree

This tragedy illustrates to us all the limitations of capitalism:

Are you making this claim to validate your beliefs, venerate an alternate system, or vex Prayerfails and ryuukyuzo? Methinks all.

Side: agree
2 points

Are you making this claim to validate your beliefs

Not really. I think PrayerFails and his kind validate my beliefs well enough.

venerate an alternate system

Not so much, but it is one of many possible discussion points.

vex Prayerfails and ryuukyuzo? Methinks all

The first one only. PrayerFails constantly makes debates with the most ludicrous questions, then I read the news about a government panel finding BP et al culpable, so I thought it would make a great "take that!" debate.

Side: agree
1 point

We've debated this exact point two or three times already. I assumed he made this specifically to flush me out so he can bring up some new and improved argument, but since he's arguing the same points already debunked in our other debates (feel free to look them up) It seems he's just looking to vex me and/or Prayer.

Side: Agree
2 points

I don't know how to answer this question but I do know that capitalism is evil so fuck the free market.

Fuck justin beiber too.

Side: agree
1 point

I'd say that this incident would have occurred without government intervention. Government intervention in the industry just stalled it, it was inevitable. I believe that this is less a market failure, like the housing market being built on nothing, than it was a result of poor government oversight. I agree with enigmatic man in that sense, but I won't get too specific, i'll agree with market failure.

Side: agree
2 points

This much hatred toward BP's measures coincidently came after they actually did something bad.

If only Trey Parker and Matt Stone could make an episode to reflect the attitudes of the Socialists who are currently attacking BP...

Captain Hindsight
Side: Disagree
aveskde(1935) Disputed
2 points

This much hatred toward BP's measures coincidently came after they actually did something bad.

Cause and effect... Or are you blaming everyone for not being fortune tellers?

If only Trey Parker and Matt Stone could make an episode to reflect the attitudes of the Socialists who are currently attacking BP...

Because holding greedy people accountable for the worst oil leak in history is... socialism?

Christ. This is more important than the sports game that politics has become across the nation. It's more important than advancing the party's interests. An oil company screwed up big, and this isn't a rare occurrence, it has happened many times the last hundred years. How much does our environment have to be ravaged in order for you guys to get past party politics?

Side: agree
ThePyg(6738) Disputed
1 point

What party politics?

Mistakes were made, get over it. I've already pointed out the idiocy of attacking BP with a funny cartoon.

Side: Disagree
1 point

I don't know about you avesk, if I didn't know any better I'd say you're a troll. Blaming capitalism for a problem that occured under such an incredibly government involved industry hardly shows the failure of the free market.

Oil wouldn't be so big in the first place if not for the petro dollar.

Side: Disagree

Anyone with any sense of nobility would know that the oil is heavily regulated, and it is far from a free market.

The BP Oil Spill was not the failure of the market, it was the failure of bad government policy, and since the government is has one talent left, this is the art of lying, and this lie is to blame the free markets.

Three Reasons:

1. The oil spill occurred on federal property, which was leased to BP.

2. Federal government regulates offshore drilling already. The MMS has been recognized as a failed agency because it is supposed to regulate and maximize royalties from property it controls.

3. The federal government capped economic liability of $75 million.

Obama
Side: Disagree
aveskde(1935) Disputed
1 point

Anyone with any sense of nobility would know that the oil is heavily regulated, and it is far from a free market.

No one said that it is a free market. I said that it is a market that while regulated, apparently gave enough liberty to corporations that they could decide to undercut well quality... leading to the worst oil leak in history.

The BP Oil Spill was not the failure of the market, it was the failure of bad government policy, and since the government is has one talent left, this is the art of lying, and this lie is to blame the free markets.

I think you ruined your attempt at a joke. Next time don't be so verbose.

1. The oil spill occurred on federal property, which was leased to BP.

2. Federal government regulates offshore drilling already. The MMS has been recognized as a failed agency because it is supposed to regulate and maximize royalties from property it controls.

3. The federal government capped economic liability of $75 million.

Which are all irrelevant to the findings that BP et al employed profit-saving shortcuts in the construction of the well, which all greatly increased risk of failure. I don't know how much simpler one can make it: BP et al was allowed to construct the well within certain margins of quality. BP et al took the cheap approach. The well ruptured, people died, and the Gulf of Mexico became inundated with five million barrels of toxic oil.

How is this not an illustration of the market's selection of profit over health and environment?

Side: agree
aveskde(1935) Disputed
1 point

I don't know about you avesk, if I didn't know any better I'd say you're a troll.

No, just a sane man.

Blaming capitalism for a problem that occured under such an incredibly government involved industry hardly shows the failure of the free market.

If you read the news reports you'll find that the oversight over BP et al was considered to be insufficient, thus in a situation where the Oil Companies had an inch of slack to regulate themselves using good ethics they hung us all by causing a massive oil leak over profit and shortcuts.

Oil wouldn't be so big in the first place if not for the petro dollar.

It wouldn't be so big if it didn't buy out our governments, like all wealthy industries do. The Oil Industry uses the state to enforce itself.

Side: agree
2 points

If you read the news reports you'll find that the oversight over BP et al was considered to be insufficient

Yes, then you will get for the most part the government's version of the oil spill.

It wouldn't be so big if it didn't buy out our governments, like all wealthy industries do. The Oil Industry uses the state to enforce itself.

This is just insanely stupid. Get a CLUE.

Side: Disagree
1 point

It wouldn't be so big if it didn't buy out our governments

It seems pointless to blame a private system, thereby exalting a public system, for bribing governments, as it is thus revealed that the former is ruthless and corrupt, and that the latter is hopelessly susceptible to corruption.

Most rational people understand that a hybrid system, such as the current one (and under which the disaster occurred), is preferable to an exclusively capitalist or socio-communist (I find it impossible to conceive one without the other) one. I can therefore only consider this entire debate to be a strike at our resident extremist capitalists.

Side: Disagree
ryuukyuzo(641) Disputed
1 point

Since this point is being discussed in our other debate anyway, I'm going to let the others arguing for this side take this debate.

Side: Disagree