In the Gulf. Three important questions:
1. Was this a drilling rig? [UPDATE: No, not at the time]
2. Who owns the damn thing?, and [UPDATE: Mariner Energy]
3. How did it explode?
[UPDATE: And apparently no deaths either. Updates are coming in regularly - keep clicking through. This doesn't sound like a large concern, but it will certainly reinvigorate the debate.]
Hopefully we'll get answers to all three shortly.
I swear - if companies don't stop blowing things up in the middle of unappropriatable commons I'm going to have to abandon the macroeconomics of labor and make a career out of the microeconomics of externalities.