Saturday, June 19, 2010

Oil Companies Must Rewrite Spill Response Plans: Exxon (NYSE:XOM), Shell (LSE:RDSA), ConocoPhillips (NYSE:COP), Chevron (NYSE:CVX)

At a House Energy meeting, it was determined that Exxon (NYSE:XOM), Shell (LSE:RDSA), ConocoPhillips (NYSE:COP), and Chevron (NYSE:CVX) are as unprepared as BP with their oil spill response plans. U.S. Representative Edward Markey is going to ask the executives of each of these oil companies to revise their plans.

Markey said," there has to be a complete inspection of every facility in the Gulf, not just BP. The only thing worse than one oil rig in the bottom of the Gulf of Mexico, would be two oil rigs in the bottom of the Gulf of Mexico. We have to make sure there are no ticking time bombs." He also said the plans were "90 percent identical" for all five companies.

This is the exact reason Obama declared a six month moratorium and any deepwater drilling. To give the government time to investigate and complete their investigation as to the causes of the Gulf of Mexico oil spill. This ban has effected 33 drilling rigs in the Gulf. There are 17 members of the House from Gulf Coast states who are urging Obama to lift the ban as it will effect over 20,000 jobs in the area.

According to a lawmakers statement, "many offshore drilling companies will not be able to survive the ban."

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