Reps Overseeing Pipeline Safety are Profiting From Pipeline Companies
American oil and gas pipelines continue to expand while the agency that’s supposed to oversee them sits idly by.
(Weimer explained at a recent hearing that in order to enact a regulation, PHMSA must show that the cost of implementing that regulation would not outweigh the benefit of protecting human lives.)
Your safety is a measure of cost to the company.
([PHMSA uses] a figure of about $9-10 million as the benefit of a human life,” Weimer said. “So if you have a tragedy like San Bruno that kills 8 people and you go through a cost-benefit to look at installing new valves on pipelines, and you say that over the course of 10 years you’re going to prevent 10 lives from being lost, that would be worth about $100 million. At the same time if you look at what the cost would be for the industry to put a valve on every mile of pipeline that might be required…the cost of implementing automated valves way outweighs the benefit of the human lives you’re going to save.)
And you have a value. If your dead you will not get your values worth though. You may only get the chance that comes with the pipeline, depending on the amount of people that live near you. Who gets the money in the case of your misfortune? During the judgment part of a case, do the representatives hold a measure towards that judgment? After all, it's their stock that takes a hit in large law suits.
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