In the wake of the BP oil spill off the southern U.S. coast, COMPAS asked its business panel for its views on the future of government policies towards exploration and regulation of oil offshore and in the arctic.

In summary, panelists perceive governments as caught between environmental pressure for tougher regulation and against development vs. ever increasing world demand and unreliable supply. Panelists are less concerned about oil running out than about the actions of unstable dictatorships that are often in position of control of oil supply. On the specific issue of Iran’s military posturing and threat to the shipment of oil, opinion is divided about how much Ahmedinejad’s posturing will neutralize environmental pressure constraining development and exploration in North America.

Panelists were asked about responsibility for the harm caused by the spills. Despite the heavy role of government regulation, few panelists saw the U.S. government as having to share any accountability with oil companies in situations of this kind.

These are the key findings from this past week’s Internet survey of CEOs and business leaders on the COMPAS panel. The weekly business survey is undertaken for Canadian Business magazine under sponsorship of BDO Dunwoody LLP.

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