As the WSJ explains, the 398-page report by Obama's selected environmental, I mean, drilling "experts" (none of which was a drilling engineer or experienced in exploration) does not find the cause of the BP explosion but does indict the entire industry and drilling process.
The disaster, we are told, was primarily the result of "overarching failure of management" by BP, Transocean and Halliburton—which is hardly news to anyone who's been paying attention. Yet the commission didn't stop with the companies that managed the Macondo well, going on to blame the highly unusual blowout on a "system-wide problem" of failed regulation and a complacent industry that requires "significant reform."
These sweeping conclusions are remarkable from a commission that admits to knowing so little. The report cites several questionable decisions made by Macondo drillers as the "immediate causes" of the blowout, only to acknowledge it can't say which, if any, were the cause:
• "It is not clear whether the decision to use a long string well design contributed directly to the blowout."
• "The evidence to date does not unequivocally establish whether the failure to use 15 additional centralizers was a direct cause of the blowout."
•"Whether . . . 'unconverted' float valves contributed to the eventual blowout, has not yet been, and may never be, established with certainty."
...The commission nonetheless offers an array of recommendations, most of which would severely restrict oil and gas drilling. Despite President Obama's promises that the new Bureau of Ocean Management (formerly the Minerals and Management Service) is now a shipshape regulator, the commission recommends that Congress create another agency to supervise drilling. Now, there's a new idea—another layer of bureaucracy to supervise the bureaucracy that failed.
...U.S. gasoline prices are now above $3 a gallon, and the decline in Gulf drilling will not help supply. Forecasters predict domestic production will fall at least 13% this year due in part to the Gulf lockdown. Meanwhile, last week the British Parliament rejected a drilling moratorium in U.K. waters on grounds it would cause "expertise to migrate," decrease "security of supply" and harm the British economy.
Obama obviously couldn't care less if he harmed the U.S. economy - that's what he does best.