Exxon (NYSE:XOM) Counsels Waiting on BP (NYSE:BP) Oil Spill Findings

Exxon Mobil (NYSE:XOM) rightly counseled governments today on their reaction to the BP (NYSE:BP), which has yet to be determined as to the cause.

With all these proposed new regulations and laws, it's hard to justify them based on unproven theories, especially with they drastically cut into the profitability of the oil companies, which provide a large amount of tax revenue to nations around the world.

It makes absolutely no sense for governments to take action based on no understanding or knowledge of the cause of the explosion on the Deepwater Horizon which resulted in the oil leak.

Senior vice president at Exxon Mobil, Mark Albers, said, "It's important that in the next five years, deepwater will contribute 10 million barrels per day of oil (equivalent). That's equivalent to what Saudi Arabia is producing," Albers said to Reuters in an interview.

"It's a very important element of meeting the world's energy demand."

The unintended consequences of the oil moratorium are already being felt, and the possibility of a slowdown in the months ahead is assured, and the longer it goes on the more costly to oil companies and those deriving their income from the industry.

There is no reason to put measures in place, as waiting is simply a wise thing to do until the overall situation is better understood as to the causes of the accident.