Executives from Exxon Mobil, Chevron, ConocoPhillips, and Royal Dutch Shell attempted to defend their own drilling practices during today's Congressional hearings. The companies aimed to fend off new government regulations developed in the wake of BP's catastrophic oil spill. Representatives attributed the spill to BP's favoring of cost savings over safety- a practice they cited as an industry rarity.
The hearing preceded Obama's presidential address regarding the administration's role in the oil spill clean-up and the prevention of future spills. In addition to the six-month moratorium imposed on drilling in waters over 500 feet deep, Obama's speech will focus on payment for damages, plans for clean-up, and a plan to reduce US dependency on fossil fuels.
Opponents have said the moratorium and initiative will have devastating affects on oil industry and economy.