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Posted Wed Dec 8 2010: from Bloomberg:
BP, Contractors at Gulf Well 'Breathtakingly Inept' -- but should self-regulate
BP Plc, Transocean Ltd. and Halliburton Co. were "breathtakingly inept" and made mistakes that were "largely preventable" at the doomed Macondo well, a leader of a panel investigating the disaster said. The U.S. shares blame for the April blowout and spill because it lacks the ability to maintain adequate oversight of the oil industry, William K. Reilly said today in remarks prepared for an industry conference in New Orleans. Oil companies should set up a self-regulating body to work with the U.S. on increasing deep-water drilling safety, he said.... "There is virtual consensus among all the sophisticated observers of this debacle that three of the leading players in the industry made a series of missteps, miscalculations and miscommunications that were breathtakingly inept and largely preventable," Reilly said in his remarks.
[Read more stories about: corporate malfeasance, oil issues, bad policy]
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'Doc Michael says:
Please, BP, Halliburton, Exxon, Chevron -- self-regulate yourself. Gosh, we'd appreciate it ever so much.

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