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View Diary: Should New York State Require Frackers to Buy Watershed Insurance? (78 comments)

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  •  Some yes and some no (1+ / 0-)
    Recommended by:
    Justanothernyer

    The government's role is to step in when projects are simply too large for private investment to handle the job.

    Nuclear power has massive benefits, the problem is that when/if goes wrong, the liabilities are too massive for a few corporate entities to cover.

    A simple idea experiment,

    If a technology provides a economic benefit of 10 trillion, yet has a risk of  500 billion , no single private entity can afford insure that... Even if the expected benefit far outweighs the possible costs you cant expect private organizations to insure it. Even if they would do so, its a fools hope they they would be able to pay up.

    •  Then it should be a publicly owned utility too (5+ / 0-)

      Otherwise, no one should build it.

      Government and laws are the agreement we all make to secure everyone's freedom.

      by Simplify on Thu Aug 22, 2013 at 09:03:37 PM PDT

      [ Parent ]

      •  Doesn't solve the problem (3+ / 0-)
        Recommended by:
        Simplify, tommymet, inclusiveheart

        Some things are so dangerous that they shouldn't be built. Period.

        The publicly owned (sort of, if you don't count the private contractors) US military has been, and continues to be, one of the biggest polluters on the planet.

      •  I dont strongly disagree with the first part (0+ / 0-)

        But so what?
        ownership of the producing entity is not a key issue.

        The economy will mostly act the same way if the technology is privately owned or publicly.

        As such in the end of the day one should gladly give up on the argument of private vs government owned if that is what it takes actually get the job done.

    •  A financial cost comparable to a potential reward (0+ / 0-)

      Before drilling can begin; before testing of the potential asset with seismic equipment or any other preparation is started on a property an amount of money triple the potential reward is placed in escrow against potential liquidated damages.

      The amount can be bonded against or insured but it has to be a serious investment very unlike present leasing arrangements. The risk of remediation has to accurately reflect the no remediation possible scenario.

      Liquidated damages kick in as soon as there is fracking damage so that all profits are garnished and distributed to restitution projects which permanently place the property off limits to future leasing.

      It then becomes possible to go after the gas but at a cost that like the production of nuclear energy is high enough to encourage very careful, very well regulated procedures.

      Live Free or Die --- Investigate, Incarcerate

      by rktect on Sat Aug 24, 2013 at 03:17:40 AM PDT

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