Tuesday, June 15, 2010

BP (NYSE:BP) Says America Needs Gulf Oil

Lamar McKay, head of BP America (NYSE:BP), said today at a House panel hearing, that regardless of the oil spill, America must extract oil from the Gulf to help meet its energy needs.

In prepared remarks, McKay said concerning standard of living, security and the American economy "significantly depend upon domestic oil and gas production."

Even with the existing spill, the oil industry has overall operated in the Gulf in a safe and reliable manner, according to McKay.

McKay added that if energy production were reduced in the region jobs would simply shift to other areas of the world, increasing the risk of spills because of the number of transport ships which would have to bring the oil to the U.S. and other countries.

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