Major Oil Firms Offer $1 Billion Towards New Rapid Response System
July 22, 2010
(Chattahbox) – In an attempt to convince the public that oil companies really aren’t so bad, four major oil firms have voluntarily committed $1 billion to create a rapid response system. This system would deal with deepwater oil spills in the Gulf of Mexico.
Their motives aren’t entirely selfless, of course; Obama enacted a temporary ban on deepwater drilling after the BP spill, and these oil companies are none too pleased with it. The system involves building “modular containment equipment” to handle emergencies such as the April 20th Deepwater Horizon explosion.
The plan will take about six months to get fully set up, but once it’s in place it should be able to contain up to 100,000 barrels of oil, or two to three times the amount surging into the gulf each day right now. These four oil companies will create a new non-profit organization called the Marine Well Containment Company that will handle underwater oil spills.
Lawmakers have called the plans “outdated” and “woefully inadequate”, saying that an updated approach is needed to ensure the safety of the environment in the event of another catastrophe.