In keeping with my tradition of posting snide sarcastic commentary in this thread:


Maybe its time we prevented companies from evading taxes and safety regulations through the use of offshore havens. You know, stop bending over backwards for companies because 'it's good for business, therefore good for the people'.

P’s oil spew and foreign vessel operations on the outer continental shelf (OCS) were the focus of a June 17 hearing held by the Coast Guard Subcommittee of the House Committee on Transportation, which found that foreign rigs dominate drilling in the Gulf of Mexico, creating tax evasion and safety inspection problems.

The Deepwater Horizon exploratory rig that exploded April 20, killing eleven and smothering the Gulf of Mexico in oil, was a foreign mobile offshore drilling unit (MODU) built in Korea, registered in the Marshall Islands and owned by Transocean, Ltd., a company incorporated in Switzerland “it’s assumed to avoid US tax,” said Subcommittee Chair Elijah Cummings (D-MD). Transocean’s tax in Switzerland is 16 percent, compared to 35% in the US.

Chairman Cummings stunned with his opening statement: “The Coast Guard can’t say” how many foreign-flagged MODUs are operating on the OCS because “they are not required to announce their arrival.” Devising a rule for such announcement began in 2006 but “it’s not done,” which is “tragically unacceptable,” he added.

Rep. Frank LoBiondo (R-NJ) said the number of vessels operating under the US flag has plummeted and many are now operating “under flags of convenience…We don’t know what vessels are in US waters or what they’re doing.”

All foreign-flagged vessels must comply with the laws of their respective nations and the US concerning safety inspections, but Transportation Chairman James Oberstar (D-MN) noted, “Some have low standards… Who verifies the Marshall Islands is doing proper inspections?” He referenced a dispute between BP and Transocean regarding maintenance of the Deepwater Horizon, and asked if the Coast Guard has the capability to take over inspections from the Minerals Management Service (MMS).

The MMS is charged with drilling inspections and according to Mary Kendall, Inspector General for the Department of the Interior, there are currently only 50 inspectors for 4000 rigs operating in the Gulf. Speaking before the House Natural Resources Committee at a separate hearing the same day, she reported “a dearth of regulations” for MMS inspections with “little direction regarding what and how to inspect.”

http://www.democraticunderground.com...ss=389x8592477
If only British Petroleum really were a proper British company, (and if only Britain would properly tax and regulate companies), and if only the US would tax and regulate companies with the same determination that it taxes middle class families, then we'd see less of this.