Don't drill, baby

It may be compared to the Titanic disaster. Deepwater Horizon, a state of the art DP semi-sub Rig, belonging to Transocean and charterered to BP exploration, went into flames during the last phase of drilling a well located 50 miles off the southeast coast of Louisiana. It sank two days later.

The rig had distinction of having drilled the deepest oil and gas well ever with a vertical depth of 10,680 m, of which 1,259 m was water.

But now, there is bigger tragedy in making as abt 5000 bbls of crude is gushing out of the well head each day and heading towards gulf coast. At that rate, the spill could eclipse the worst ever oil spill in U.S. history , the grounding of tanker Exxon Valdez, as it may take upto 3 months to cap the well.

With this, Obama's dream to see drilling rigs scattered along the U.S. coast horizon gets a rude awakening. Certainly a bad luck for offshore industry as whole. But as always, someone's loss is someone's gain. Alternate energy cry gets louder then ever. Wind, sun, shale and corn are bound to get more attention.