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Detailed text transcripts for TV channel - CNN - 20100630:10:46:00

on the floor of the gulf of mexico as a failsafe to a run-away well. tony hayward, the ceo of bp, testified before congress back in june, said of blowout preventers, it would appear the industry s ultimate failsafe mechanism is not as failsafe as rights of it to be, talking about the deepwater horizon blowout. can we, elgie, really rely on this piece of equipment as a failsafe? i don t think we should be relying on a single piece of equipment. that s one of the good things about this legislation that the committee is going to be reviewing in congress this morning. what it does is require something we see in all basically high-risk, highly technical industry enterprises, and that s redundancy in the safety system so that you have back-up systems in case your primary systems fail. we had that in the space program. we have that in the nuclear program. we have that in nuclear submarines. we need that in offshore oil drilling. if the changes in the markey

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