Oil companies are working to get the Obama Administration to lift its moratorium on deepwater drilling and government regulators want oil companies to prove they're prepared to respond to, God forbid, another big oil spill.
Now ExxonMobil, Chevron, Conoco Phillips and Shell Oil have agreed to pool $1 billion to create the "Marine Well Containment Company" that would respond to offshore oil spills in up to 10,000 feet of water.
BP struggled for nearly three months to contain the Deepwater Horizon well and as we've seen first hand, nothing is guaranteed to work one mile beneath the ocean's surface. The House of Representatives has passed legislation that more than doubles the tax dollars that can be used for researching new cleanup methods and tehnology.
So far only two deepwater rigs operating in the Gulf of Mexco have left for foreign waters. Industry experts predict more will leave if the moratorium drags on. It's expensive to move a rig and once they leave they're unlikley to come back.
Here's a recent story that aired on The 700 Club regarding the importance of the oil industry along the Gulf Coast.