Public Policy Towards Offshore Oil Spills

Charles Mason

No 6584, CESifo Working Paper Series from CESifo

Abstract: On April 20, 2010, the Macondo well suffered a blowout, causing the mobile offshore drilling unit “Deepwater Horizon” to explode and eventually sink. Oil flowed from the well into the Gulf of Mexico for 87 days. In the aftermath of this event, the US Government proposed significant regulatory changes related to offshore oil and gas exploration and production. In this paper I consider the likely costs and potential benefits from these new regulations. While both costs and benefits are very large, plausibly running into billions of US Dollars, a strong case can be made in favor of the regulations.

Keywords: public policy; oil spills; catastrophe (search for similar items in EconPapers)
JEL-codes: D61 H00 Q58 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-ene
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