Petroleum industry could face a crisis similar to the power sector

“The era of procrastination will inevitably lead to the era of consequences.” Thus did Winston Churchill forewarn against policy inertia and political paralysis. The collapse of the Northern and Eastern grids last week may have been triggered by the unauthorised overdrawing of power and slipshod management of procedure and regulation, but it was not caused by it. That was merely the feather that broke the system’s back. The cause lay in years of policy procrastination.

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