I still don’t understand why there are caps at all:
Republican Senator James Inhofe has stepped up to the plate yet again for big oil, pledging a Republican filibuster against legislation offered by New Jersey’s Robert Menendez that would completely lift the $75 million liability cap currently protecting big oil companies from claims of economic damage from oil spills.
Again, it would seem to me the free market solution is to lift the caps, and if it becomes more pricey to drill oil safely, then companies will just have to pass that cost on to the public, who will, as they did when prices for fuel skyrocketed during the Bush years, adjust their behaviors and purchases accordingly. Additionally, auto companies who have made advances in fuel efficient cars and companies which have already worked to lower their fuel consumption will reap the competitive advantage they deserve. And should deepwater drilling become prohibitively expensive, oil companies will re-examine fields they before thought were too expensive, but now are, by comparison, cost-effective.
Why do Republicans hate the free market?
Although if reading the comments to the last post on this topic are any indication, many of you seem to think that a few blockbuster speeches from Obama as well as freezing the assets of BP will immediately close the current spill.