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Is there a libertarian answer to the BP oil spill? (Read 477 times)

meric

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Re: Is there a libertarian answer to the BP oil spill?
Reply #20 - Jul 2^nd, 2010 at 1:46am

Land of Freedom wrote on Jun 24^th, 2010 at 3:49pm:

It would be worth much more than 10 million. More than likely the land around the water would be the same owners. They would care most about the potential damage to their land and would act fast to protect it unlike the slow government response.

It won't be worth more than $10 million if the oil under the sea was discovered after it was sold to the $10 million company.

Let's say a 10 million dollar fishing company buys the part of the sea. They "accidentally" discover oil there and decides to turn into an oil company but causes 1 billion of damage. hmm?

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Land of Freedom Libertarian's Forum Administrator Offline Libertarian's Forum Posts: 353 The Land of Freedom	Re: Is there a libertarian answer to the BP oil spill? Reply #21 - Jul 2^nd, 2010 at 8:33pm If they sold it it would have been their own foolish mistake. No one to blame. Regardless who owns it their interest will be to clean it up to enhance it's value. When no one owns something or it's government or public their isn't the incentive to prevent disaster or keep it clean.
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meric

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Re: Is there a libertarian answer to the BP oil spill?
Reply #22 - Jul 2^nd, 2010 at 11:46pm

Land of Freedom wrote on Jul 2^nd, 2010 at 8:33pm:

If they sold it it would have been their own foolish mistake. No one to blame.

Regardless who owns it their interest will be to clean it up to enhance it's value. When no one owns something or it's government or public their isn't the incentive to prevent disaster or keep it clean.

Yeah, but it pollutes the neighboring patch of sea too, causing way more than $10 million of damage. The oil hits the beaches which this company doesn't own either, and destroys tourism. They have an incentive to clean their own patch, but they will be bankrupt trying (and failing) to clean their neighbors'. Is it then the neighbors and the beach people's fault this patch of the sea got sold to the $10 million company? They shouldn't have settled there because there might be an oil spill from an undiscovered reserve of oil?

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