Oil firms donate $1 billion to response system for Gulf

In what appears to be an attempt to rebuild confidence in the oil drilling industry, four of the world's largest oil firms are reportedly investing $1 billion to set up a rapid response system to deal with future spills in the Gulf of Mexico.

In what appears to be an attempt to rebuild confidence in the oil drilling industry, four of the world's largest oil firms are reportedly investing $1 billion to set up a rapid response system to deal with future spills in the Gulf of Mexico.

According to a report in The New York Times, oil company bosses are hoping the investment will help convince government regulators to give the OK to resume drilling in the Gulf as soon as possible.

The NYT's report added,

"The plan is expected to be announced on Thursday and involves Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell. But it will be open to any company with offshore drilling and production in the gulf — including BP, whose runaway Macondo well has shown how unprepared the industry was for a major drilling accident"

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