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As executives from Exxon Mobil (XOM +1%), ConocoPhillips (COP +2%), Chevron (CVX +0.8%) and...

As executives from Exxon Mobil (XOM +1%), ConocoPhillips (COP +2%), Chevron (CVX +0.8%) and Shell (RDS.A +2.7%) maintain they can drill in deep water safely, House lawmakers criticize them for inadequate disaster-recovery plans that are a "carbon copy" of BP's (BP +3.8%). The same firm wrote the companies' plans and put in references to protecting walruses - which don't live in the Gulf of Mexico.
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Comments (2)
  • Tom Au, CFA
    , contributor
    Comments (6783) | Send Message
     
    BP has fallen from an "Exxon-Mobil" like market cap, to a "Chevron-Conoco" like market cap as a result of the spill.

     

    Similar things could happen to the others if they don't watch out.
    15 Jun 2010, 12:31 PM Reply Like
  • FocalPoint Analytics
    , contributor
    Comments (6258) | Send Message
     
    I suggest Americans think about the ramifications as to why those carbon copied disaster-recovery plans were not discovered until now. Who was supposed to be reading and reviewing those plans? Who was suppose to be checking to make sure that the resources necessary to implement those plans were in place? Who was supposed to be running tests to ensure that people knew what to do? Who was supposed to checking to make sure the necessary command and control resources were in place? Who was supposed to be making sure that the people involved with the disaster response were being properly trained, and that the training was current?

     

    Government regulatory agencies are strongly implicated in this disaster because they did not fulfil their regulatory mandate. When are the people running those regulatory agencies going to be brought in front of House lawmakers to answer hard questions? If your paid to do a job, and you don't do it, you get fired.

     

    Who was supposed to be checking to see if the regulatory agencies were doing their jobs? Were pay offs involved, if so how high up did those payoffs go? Are those House lawmakers going to be so free with criticisms with respect to their own culpability?
    15 Jun 2010, 01:10 PM Reply Like
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