Big OIl Looks To Prevent Another Oil Catastrophe

Give the energy industry titans a little credit - they learn slowly, but they do learn. Late Wednesday, four major international energy companies announced a joint venture aimed at developing and preparing equipment to handle future oil spills in the Gulf of Mexico (and perhaps in other offshore locations as well).

As it stands now, the agreement includes Exxon Mobil (NYSE:XOM), Royal Dutch Shell (NYSE:RDS), Chevron (NYSE:CVX) and ConocoPhillips (NYSE:COP). Each company will contribute $250 million to the venture, which will be called Marine Well Containment Company and established as a non-profit entity.

For the full column:
http://stocks.investopedia.com/stock-analysis/2010/Big-Oil-Looks-To-Prevent-Another-Oil-Catastophe-XOM-COP-CVX-RDS-APA-CAM-NOV0726.aspx

Of course ... by taking this step, these companies guarantee that the next major disaster will be something completely different and will leave them flat-footed.