The announcement today that Exxon, Shell, Chevron and ConocoPhillips – four of the largest players in the oil industry – are creating a JV to address future large scale oil spills was a textbook example of how to turn the tables on negative public scrutiny. While the industry has been vilified for months for its negligent safety standards and disregard for the environment (among many other complaints) this new move shows that it is serious about nipping the problem in the bud.

While it won’t convince everyone that it is committed to “doing the right thing,” this move sends a strong, clear message that Big Oil is doing everything it can to mitigate the risks inherent in deep sea drilling.

Why BP was left out of this mega deal is anyone’s guess. But the fact that they’re left on the sidelines is telling.