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Okay so perhaps we investigate about placing more regulations on it. Considering that you said yourself that the cause was deregulation (which is shocking.)
Nope, I didn't say deregulation caused the spill, BP cutting corners on the construction of a problematic bore hole caused the spill. Given the performance (actually non-performance) of the regulators it wouldn't matter how many more new regulations congress tacks on oil drilling. If the lazy guv'ment workers won't do their jobs then we would get the same thing happening again except for one reason. Because of the lawsuits BP will be covered up in for the next several years, I suspect that all future oil exploration will become far safer without any new regulations. I suspect the government could actually save money by firing most if not all of the Bureau of Ocean Energy Management, Regulation and Enforcement people and let the fear of lawyers do the job that those guv'ment workers weren't doing.
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Now why is it such a big deal that the committee wants subpoena power? The republicans have already shown that many don't want to seriously punish BP. By apologizing and calling getting money from them a shakedown to them and the like.
Its not a big deal that BP is punished for behaving stupidly. It is a big deal that politicians need to find ways to divert time, attention, and resources that would be better spent on fixing the economy. Politicians who have a need to hide the failures of this congress and administration will try to find suitable public enemies to publicly flog for the enjoyment of its base and the media. As for shakedowns, that will occur behind closed doors when the inquisitors demand campaign donations to change infidels to be tortured in the committee chambers.