The oil catastrophe in the Gulf of Mexico is tragic and life-altering on so many levels that it's impossible to say how far the slick and its impacts will ultimately spread. But Congress must thoroughly investigate both the corporate and the regulatory practices that created this national disaster.

We must start by remembering that it has already cost the lives of 11 workers, shattering their families forever. The spill could also destroy the livelihoods of everyone in the fishing and tourism industries so vital to the region. It threatens to erode further the wetlands that mitigate against hurricanes. And if a hurricane blows through the Gulf soon, how much would that storm multiply the effects of this calamity?

The petroleum giant BP has taken full responsibility, as it should. Cleanup costs and legal settlements will be huge for BP and other companies. Under the "ugliest" of the scenarios outlined by Cumberland Advisors, a Florida-based money manager, the spill could reach America's East Coast "and beyond," and the costs could be in the hundreds of billions of dollars - even worsening the federal deficit.

How did this happen? Did regulation-averse BP take shortcuts? Was the federal Minerals Management Service vigilant enough? Congress must be relentless in finding out. This event is a severe setback for offshore drilling, and President Barack Obama is right to slow down now. We should apply the lessons we learn from this disaster, and proceed with caution. hN

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