Today 80 percent of all the oil that comes out of the Gulf is from 1 000 feet or more and today almost a third of it is more than 5 000 feet below the surface. What hasn't happened is the safety and the ability to respond to a negative event such as this blowout has been far outrun by the technology of drilling itself. We need to close that gap.

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It's a real roller-coaster ride if you're lucky to have longevity in this business - you have to be able to ride those waves.