April 27, 2010 | Mark Paradies

New Idea: Consider Oil Company’s Environment and Safety Record When Leasing Drilling Rights

Perhaps it’s an idea whose time has come.

Politicians always talk about protecting the environment. Why not do something about it.

Instead of selling drilling leases just based on the amount bid by an oil company, why not also put in a factor that considers the company’s environment and safety record?

Company’s with a poor environment and safety record would have to pay more to get a lease. Thus the cost of poor safety would be much more evident.

Company’s that work hard to maintain a clean record would be rewarded by lower costs for drilling rights.

What do you think? Could it work? Is it an idea whose time has come?

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