U.S. oil explorers are talking about forming a new insurance fund that would cover the costs of any future oil spill, to avoid a scenario where smaller companies are unable to drill offshore, a senior industry executive said on Thursday.
BP's oil spill is expected to rack up an over $30 billion bill for shutting the leak, cleaning up the oil and compensating those affected.
This has prompted concerns about what would have happened if a company without BP's massive resources had been operating the blown-out well.
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