According to the official reports, oil executives testifying in Washington on Tuesday labeled the Deepwater Horizon oil spill a rare event that has little chance of reoccurring.

The New York Times has reported that attempting to soften criticism of their industry and fend off the possibility of tighter regulations, Exxon Mobile Chairman Rex Tillerson told members of the House Energy and Commerce Committee that if a company followed proper procedures, an explosion, such as the one that sank the rig operated in the Gulf of Mexico by BP "should not occur."

"Chevron's deepwater drilling and well control practices are safe and environmentally sound," Chevron Chief Executive Officer John Watson told panel members.

He "cannot commit" to BP establishing a fund to pay for cleanup and restitution for the massive oil spill that has polluted gulf waters and U. S. shorelines, said Lamar McKay, president of BP America, in separate testimony.

The Obama administration has been pressuring BP to set up an escrow account to pay for damages.

"We have said we'll honor all legitimate claims and the full company stands behind that," McKay further added. (With Inputs from Agencies)