BP's oil spill and it's consequences would seem to put a Libertarian point of view at odds with the real world. I would beg to disagree.
1st, it is completely apparent that government regulators and regulations were overwhelmed by the industry being regulated. It is an instance which shows that looking for more government regulation is not only hopeless but dangerous as well.
2nd, the private market solution to prevent and control such a disaster has been with us and been used for a long time. Driller's, the consortium developing and producing a field, need to put up a bond to cover environmental disasters much like construction projects are insured. The 75 million dollar cap on oil disasters presently in place is apparently a result of the oil lobby capturing the Congress. That limit needs to go completely. Thank god BP with its assets was responsible and that it was not a sham shell type of corporation intended to limit it's liability.
Making sure that those who create the liability have a ton of skin in the game is a much more effective regulator than a government watch dog agency. BP gave the Gulf Coast a real black eye and I am not sure that President Obama understands that he should be thanking his lucky stars that there was a huge asset he could go after instead of some sham built around government rules.
