By Houston Business Journal Tuesday release of the final report from the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling. Bruce Vincent, chairman of the Independent Petroleum Association of America and president of Houston-based Swift Energy Co. (NYSE: SFY) said he was concerned about the commissionâ¿¿s call for the creation of new regulatory agencies to oversee the industry. â¿¿The safety of our workers and of the environment is, has been and will continue to be our industryâ¿¿s top priority. However, we are concerned that duplicate and overlapping new regulatory agencies â¿¿ as recommended by the commission â¿¿ could further delay the thousands of Americans waiting to get back to work in the Gulf region.â¿ Vincent had this to say on proposed liability caps: â¿¿There continues to be much discussion in Washington regarding liability cap levels and limits, and that central issue is further underscored in the commissionâ¿¿s recommendations... Proposals in the 111th Congress to increase offshore liability limits to $10 billion, $20 billion, and no liability limits (under the OPA 90) are unrealistic. Such proposals would empower multinational and foreign oil companies while creating an impossible financial challenge to Americaâ¿¿s independent producers who compete with these corporations in the offshore.â¿ Erik Milito, upstream director of the American Petroleum Institute, said in a statement on the API website that he is pleased the commission is recommending increased funding for the federal agency responsible for inspecting and monitoring offshore activity. However, he said API is deeply concerned that the commissionâ¿¿s report casts doubt on an entire industry based on its study of a single incident. â¿¿This does a great disservice to the thousands of men and women who work in the industry and have the highest personal and professional commitment to safety,â¿ Milito said.
â¿¿The explosion was a tragic accident that never should have happened,â¿ he added. â¿¿But an accurate assessment must acknowledge all the facts, such as the numerous concrete actions that industry has taken both before and since the accident to identify and implement additional safeguards, as well as the many recommendations made by the industry that have already been adopted by the government and industry."Copyright 2011 American City Business Journals http://www.bizjournals.com/houston/news/2011/01/11/industry-groups-weigh-in-on-spill-report.html?ana=thestreet