Even if the costs of the spill exceed $15 billion (to be borne by BP) as now seems likely, the benefits of continued offshore oil production still exceed the costs by a wide margin. Economist Peter Passell estimates a net economic benefit of nearly a trillion dollars from continued offshore production. This will not be a popular position to hold so long as live streaming video of the oil spill continues and the media continue to cover the spill in a state of near hysteria. But it is at precisely such times that rational analysis needs to be heard.