WASHINGTON -- "It was both foreseeable and preventable," Bob Graham said moments ago as he opened a news conference to outline the BP oil spill commission report.

He decried a "systemic failures" within the industry and the federal agency that regulates oil and gas. "Our regulators were consistently outmatched," Graham said, while also citing conflicts of interest that damaged oversight.

Co-chairman of the commission, William Reilly, said, "This was not Obama's Katrina."

You can read the report here, and a story summarizing the recommendations is here.

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