U.S. President Barack Obama Pledges to End “Cozy Relationship” Between Oil Companies and Regulators

U.S. President Barack Obama has pledged to end the “cozy relationship” that currently exists between oil companies and regulators. A relationship that he says may have had a role in the recent oil spill disaster in the Gulf of Mexico that continues to pour thousands of gallons of oil into the waters each day.

Speaking to reporters following a meeting with his cabinet Obama said the current climate in which regulators approved drilling plans based on oil companies promises to use safe practices had to end. Obama said the new policy had to be “trust but verify,” a policy that may have prevented the Deepwater Horizon oil rig explosion on April 20.

While Obama expressed anger about that relationship he focused his ire on oil industry executives who he said were “falling over each other to point the finger of blame” for the explosion. That explosion not only ruptured the BP-owned oil well it also killed eleven workers on the Transocean-owned and operated Deepwater Horizon rig.

BP, Transocean, and Halliburton, the firm contracted to cement the well, spent their time at Congressional hearings earlier this week blaming each other for the disaster. That blame-game was blasted by Obama, saying “The American people cannot have been impressed with that display and I certainly wasn't.’

Obama told Gulf Coast residents that he shared their anger over the disaster, a disaster that threatens the areas ecosystem as well as the economic way of life along the coast. The president also vowed “to continue our relentless efforts to stop the leak and contain the damage.”

That could be difficult as the winds continue to pick up, pushing the oil slick closer to the shore.

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