Chris McDaniel – ‘Punishing’ the oil industry only hurts the little guys

Laurel Leader-Call

LAUREL — Four of the world’s largest oil companies recently announced the formation of a joint venture to create a rapid-response system designed to capture and contain up to 100,000 barrels of oil a day at water depth of up 10,000 feet. To put their announcement in perspective, the Deepwater Horizon well had been leaking up to 62,000 barrels per day at approximately 5,000 feet below the Gulf of Mexico’s surface.

Forming a nonprofit company, the four giants are setting aside $1 billion to mobilize a safety system that can be utilized within 24 hours of a blown well.

In other words, the industry is seemingly taking the steps necessary to reduce the likelihood of another tragic blowout.

Aug. 8