Energy Bill Will Hold Companies Like BP (NYSE:BP) Oil Accountable

The scaled down energy bill is expected to be introduced next week which will hold oil companies like BP (NYSE:BP) oil accountable. Harry Reid, Senate majority leader wouldn't get into details of the energy bill, but he did say there are four main goals. To hold "BP accountable," to "create clean energy jobs," to invest in the making of natural gas vehicles, and to lessen the U.S. dependency on foreign oil.

This is due to growing opposition in Congress among Republicans and centrist Democrats. They want to see more aggressive measures to curb carbon emissions. Reid said, following a Democratic meeting that he was well aware of the lack of support for a more far reaching bill. He was confident that the efforts would continue to "lay the foundations for a safer and stronger future."

The bill is expected to have a dramatic impact on oil companies with U.S. offshore drilling operations. It can include new regulations on rig safety which would be designed to prevent another oil spill disaster like BP has had. It also may increase the liability amount if there is an accident.