How Safe Is Oil Drilling?

Thursday, 25 Aug 2011 | 12:08 AM ET
Clean Harbors CEO Talks to Cramer
Insight on the boom for environmental and clean-up outfits like Clean Harbors, with Alan S. McKim, Clean Harbors chairman & CEO, and Mad Money host Jim Cramer.

Oil drilling is highly regulated and safe, Clean Harbors’ Founder, Chairman and CEO told Cramer Wednesday.

Clean Harbors has been at the Bakken shale for nine years, he said, adding "we have not seen any kind of problems" like oil spills or companies not cleaning up after themselves. He also said drilling will not harm the water table.

“We do not see any signs of that at all,” Alan McKim said. He thinks the technology used to drill into the rock formations is “a pretty safe technology as far as we can tell.”

CLH is an environmental clean-up and waste disposal company doing business in the oil fields of North America. Not only does it respond in times of crisis, it also performs routine maintenance, cleaning and disposal tasks.

McKim is also adamant that pipelines are not dangerous.

“It is the safest way to manage oil transport right now, “he said. “I’ve been doing the cleanup business for 35 years. The majority of the events that we work on are related to tankers and trucks.”

In fact, he’s a proponent of the proposed pipeline that would transport oil from Canada to the US. He thinks that tapping into the resources in North America could free it from dependence on foreign oil.

“If we could get everybody focused on natural gas and oil here in the US and Canada, we could be, from a North American standpoint, energy independent for sure.”

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