When an oil rig in the Gulf of Mexico exploded April 20, caught fire and eventually sunk, it was a shock for the oil industry. The sector prides itself on being high-tech and has spent years urging more access, arguing it had the expertise and technology to prevent a disaster of the scale that is unfolding. Indeed, Rayola Dougher, senior economic advisor at the American Petroleum Institute, captured the industry’s response when she said the industry was more shocked than anyone that this could have happened.

There’s a concern this could be a major setback.  The  Obama administration has put a moratorium on new drilling permits for the Gulf and is expected today to extend the moratorium on deepwater permits, and announce other new measures.

But to the oil industry, this is a challenge to overcome. Companies involved in recovering oil and gas still believes they can – and will – continue to access the rich resources of the Gulf, once it proves it can stop a leak at 5,000 feet under the ocean and keep it from contaminating some of the most vulnerable shorelines in America.  The industry’s confidence comes largely from its history of overcoming technical challenges.