Big Oil wants to be ready next time there's a big mess in the Gulf.
The American Petroleum Institute says that ExxonMobil, Chevron Corp., Conoco Phillips and Shell Oil have agreed to pool $1 billion to form a new company that would respond to offshore oil spills. The company would be able to mobilize within 24 hours to capture and contain oil spills in depths of up to 10,000 feet.
BP is not included in the venture.
The companies, which rely on offshore drilling, were not involved in the Gulf oil spill. But the growing catastrophe has dragged down share values as lawmakers promised to beef up regulations against the industry.