Mr. Minervino: I think the key here is that there is probably going to be some increased scrutiny and safety checks on this industry going forward. This is going to probably be more preventative measures, maybe more equipment redundancies. This industry has had an excellent safety record. There have been thousands of wells drilled and very, very few serious incidents up until this point. So what we are going to have to deal with going forward is probably increased scrutiny, more channel checks, potentially additional backup equipment along the way, and it will probably benefit the industry more going forward. Nobody wants to see this happen again - not the companies, politicians, investors or business owners who depend on the Gulf for their livelihood.
TWST: What will this mean for the industry?
Mr. Gerry: I think the disclaimer is nobody knows, and we don't know what's going on. My first take is that ultimately, it's going to mean more regulation and more red tape, and probably more redundancy in terms of safety equipment. Coming down the pipe, regulations are going to be tougher; testing, surveys, stuff like that is going to be more rigorous. I think there is probably going to be an increased amount of capital equipment and pressure equipment that's going to be required in wells. That, to me, is the most obvious conclusion. Now from a red tape and bureaucracy, and getting things filed and everything like that, that's the part I don't know. But that would be my first guess at this.
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