{"id":300,"date":"2010-05-05T07:09:19","date_gmt":"2010-05-05T13:09:19","guid":{"rendered":"http:\/\/augerhandle.net\/blogs\/jumpingfish\/?p=300"},"modified":"2010-05-05T07:09:51","modified_gmt":"2010-05-05T13:09:51","slug":"was-that-a-costly-device","status":"publish","type":"post","link":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/2010\/05\/05\/was-that-a-costly-device\/","title":{"rendered":"Was That a Costly Device?"},"content":{"rendered":"<p><strong>In 2000<\/strong>, the US government issued said a backup system to turn off deepwater drilling systems was an essential safety component.\u00c2\u00a0<strong>In 2001<\/strong>, the industry complained that there were significant doubts about such systems.\u00c2\u00a0<strong>In 2003<\/strong>, the government decided that, what do you know, more study was required. \u00c2\u00a0And the Minerals Management Service reported that the devices are not recommended because they tend to be costly.<\/p>\n<p><em>The devices tend to be costly.<\/em><\/p>\n<p>The device cost about a half-million dollars. \u00c2\u00a0Well that&#8217;s costly, isn&#8217;t it? \u00c2\u00a0Well&#8230;<\/p>\n<p><strong>Cost<\/strong>: The Deepwater Horizon replacement cost is approximately $550 million. \u00c2\u00a0BP is spending more than $5 million per day on the clean up right now, and the costs could grow horrifically if the gusher keeps spewing oil unchecked for months. You tell me: Was that a costly device?<\/p>\n<p><strong>Benefits (risks)<\/strong>: Risk is defined as the\u00c2\u00a0<em>probability<\/em> of a failure multiplied by the <em>severity<\/em> of the consequences should the failure occur. So what is your estimate on the severity of the consequences of filling the Gulf with oil? \u00c2\u00a0Now, you tell me: Was that a costly device?<\/p>\n<div style=\"font-size: 75%;\">Source: <a href=\"http:\/\/online.wsj.com\/article\/SB10001424052748704423504575212031417936798.html\">Gold, Casselman and Chazan\/WSJ<\/a> <br \/> Hat tip: <a href=\"http:\/\/the-reaction.blogspot.com\/2010\/05\/cheneys-chernobyl.html\">Stickings\/The Reaction<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In 2000, the US government issued said a backup system to turn off deepwater drilling systems was an essential safety component.\u00c2\u00a0In 2001, the industry complained that there were significant doubts about such systems.\u00c2\u00a0In 2003, the government decided that, what do you know, more study was required. \u00c2\u00a0And the Minerals Management Service reported that the devices [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[26],"_links":{"self":[{"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/posts\/300"}],"collection":[{"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/comments?post=300"}],"version-history":[{"count":3,"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/posts\/300\/revisions"}],"predecessor-version":[{"id":303,"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/posts\/300\/revisions\/303"}],"wp:attachment":[{"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/media?parent=300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/categories?post=300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/augerhandle.net\/blogs\/jumpingfish\/wp-json\/wp\/v2\/tags?post=300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}