Oil Spill Panel Recommends Substantial Reforms, Stronger OversightOil industry practices and government rules must be subjected to substantial reform to prevent future accidents similar to BP's (BP) Deepwater Horizon oil rig disaster in the Gulf of Mexico last April, said a report released Tuesday by the presidential panel probing the incident, Bloomberg News reported.

The National Commission on the BP Deepwater Horizon Oil Spill said in its report that deep-water oil exploration needs to be overseen by an independent agency within the Interior Department, the wire service reported. Such an oversight agency would be tasked with preventing the sort of communication lapses and training failures that occurred among BP, Halliburton (HAL) and Transocean (RIG), which helped lead to the accident, according to Bloomberg.

The Obama administration has been criticized in some circles for its handling of the oil industry catastrophe, which killed 11 workers and spewed 4.9 million barrels of oil into the Gulf of Mexico. The spill did widespread damage to the ecosystem along the Gulf Coast and caused billions of dollars of economic damage to the region's fishing, shellfish and tourism industries. The accident also led to the ouster of the CEO of BP, which owned 65% of the rig.

The addition of such oversight and changes to existing oil-drilling regulation will cost as much as $100 million, the wire service said, citing the panel's report.

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Whlie Obummer and his egghead college professors debate the addition of more usless regulations, China DRILLS, DRILLS, DRILLS,off the coast of Cuba and taps into the reserves of oil there - while we debate more Gov't regulations to attempt to prevent something that CAN NEVER be prevented China is eating our lunch and taking our oil !!!

January 12 2011 at 7:10 AM Report abuse +1 rate up rate down Reply

The government was already overseeing these type projects. Why don't they retrain or fire the old group instead of adding new oversite on top of the oversite group that failed. Also a possibility... you can do everything right and still get a result you don't want. Armchair quarterbacks are typically not that talented.

January 11 2011 at 5:12 PM Report abuse +1 rate up rate down Reply

How about someone regulating the speculators and their price fixng? when is Washington going to open its eyes and see we are heading for a DEPRESSION!!!!!!!!! 2008 was just the tip of the iceberg. Do the speculators and wall street believe the American people can withstand these price hikes? !0 million people still out of work. Who's going to hire now with costs going up again. Airlines make billions but raising fares and fees? Does this stood like oil prices? Oil companies made billions and gas prices went thru the roof and for some they lost those roofs. Come people stand up and shout, I AM NOT GONNA TAKE THIS AGAIN!!!!!!!! BOYCOTT GAS, STAY HOME, SHOP LESS, BE A ONE TO MAKE YOUR VOICE HEARD,. SHOUT BABY SHOUT

January 11 2011 at 4:35 PM Report abuse rate up rate down Reply
2 replies to donnareed4's comment

Hey we are the oil company you and me if you us gasoline, oil etc.
any body who own stock in the oil company is the oil company
It takes big dollars to get that gallon of gas in your tank
so get over it!

January 11 2011 at 10:41 PM Report abuse +1 rate up rate down Reply

Boycotting will solve nothing, they will just cut supply thats why OPEC exsists, to control supply with demand. We need some serious regulation in place on Wall Street again, like we had in the 90s before the group of people partially with Enron got envolved to help de-regulate our markets which is also how our financial mess started from day one, until regulation takes place again this economy and jobs will never fully recover because as already noticed with this recent recession the consumer (70% of the economy) cannot adjust with such high prices in such little time when everything else such as wages/jobs cannot follow as quickly.

January 12 2011 at 4:37 AM Report abuse rate up rate down Reply