Big Oil No More?

As a thought experiment, what would the world be like if this (ongoing) oil spill in the gulf literally bankrupted British Petroleum?

What would the oil industry/world be like if they were gone, or more precisely, liquidated?

If they were literally put out of business by it, it’d likely be as a result of being held responsible for the cleanup costs and the economic damage done. And if that were the case, it’s likely the whole industry would quickly come under a much more significant amount of regulation, which would include Exxon and the rest being subject to that as well.

There’d be few places left in the world that would think highly of the industry’s commitment to avoiding environmental catastrophes like this. Especially when the individuals who are responsible for making sure it doesn’t happen, are already paid and rich.

But what about the rest of the fallout? How else would it all be different?

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