President Barack Obama’s announcement Thursday of an extended moratorium on new deep-water drilling is only the beginning of a government re-evaluation of its relationship with the offshore oil industry. A presidential commission soon will put the relationship in therapy. The Wall Street Journal reports that the risk is that the wrong question may dominate the coming discussion-namely, whether there was too little regulation of the offshore oil industry. The better question is less about quantity than quality: Were regulations smart and up to date?
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