This is my first post on this forum as I am still trying to wade through the wealth of information, but I have a question regarding federal regulations specifically on the oil industry namely the spill in the gulf. I got into a discussion with someone and I didn’t have the knowledge to continue it and I would be interested in hearing Publius, and this group thoughts and what our founders had to say on this.
Basically he stated that we need the federal government to come in and regulate this industry even more and not let the greedy oil barons destroy our environment, and we need tighter regulations and more government control.
I was thinking that we need less government control and more state action to oversee the oil rigs; however I wasn't sure with them in the ocean who has jurisdiction and control? Would the state have rule over the oil rigs or is it the Federal Government? How should this be handled, or who should handle this situation so we can still promote capitalism and the free market yet keep the industry safe?
What do our founders and the Constitution say about this, and is it stated in the constitution? If so where?