Though the Keystone XL pipeline has been delayed due to popular backlash, oil and related hazardous materials continue to flow through the United States on trains and through pipelines. Increasingly these pipelines leak, contaminating the surrounding area with hazardous chemicals like benzene.
A month after over 865,200 gallons of oil spilled from Tesoro Logistics' 6-inch pipeline near Tioga, North Dakota, the cause of the leak is still largely unknown to anyone but Tesoro. The pipeline resumed operations today.
For investors worried about the impact of the spill on Exxon's share price, the truth is that there are macro market trends that could impact the price even more than the oil spill. Exxon is trading at an annual high, largely because the Dow has posted an 11 percent gain already in 2013.
The 2010 Deepwater Horizon incident prompted the X PRIZE Foundation and Wendy Schmidt to invite not just the oil recovery industry, but anyone with imagination and drive to take on a daunting challenge.
It's time for the industry to get on the right side of reform and improvements, not taking our usual negative positions, wielding our army of lobbyists, having to be dragged by the hair to do the right thing.
This spill will impact the Gulf region, and the nation, for decades to come. There's no question that BP is to blame. It's time we brought corporate liability law in line with the scope of this catastrophe.
Volunteer organizations and individuals were largely responsible helping inject this disaster into the national media. I am hopeful we will see even more examples of this new media from the impacted residents.