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Thursday, July 22, 2010

Morning Newsdome: Western oil companies create security venture, China jealously has its own oil spill

Oil Spill in Dalian, China
>> China is progressing with cleanup efforts on the country's largest reported oil spill, which exploded Friday and stretches over 165 square miles in the Yellow Sea. China is always biting our style. (AP)

>> Four of the five big Western oil companies—Exxon Mobil, Chevron, ConocoPhillips and Royal Dutch Shell—formed a $1 billion nonprofit to combat future oil spills, though BP is notably absent from the venture. Maybe it's like BP can't sit at the cool kids table anymore after having a really embarrassing moment in front of the whole school. (MarketWatch)

>> President Obama will sign the Improper Payment Elimination Act today to reduce excessive government spending and potentially recover $2 billion in future taxpayer money. "Potentially" being the key word. (CNN)

>> Today is the first court hearing in the United States v. Gov. Brewer, the Obama administration's lawsuit against Arizona's immigration law. Tom Cruise will be staring as the possessed lawyer. (the Washington Post)

>> And finally: Facebook hit its 500 millionth user yesterday and expects to hit one billion very soon. That is, until people watch The Social Network. (MSNBC)

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