Four of the world’s largest oil companies are creating a strike force to staunch oil spills in the deep waters of the Gulf of Mexico in a billion-dollar bid to regain the confidence of the Obama administration after BP’s Deepwater Horizon disaster.

Exxon Mobil, Chevron, Royal Dutch Shell and ConocoPhillips are expected to announce Thursday that they are forming a joint venture to design, build and operate a rapid-response system to capture and contain up to 100,000 barrels of oil flowing 10,000 feet below the surface of the sea.

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