President Obama ripped into the companies involved in the Gulf oil spill today, deriding their finger-pointing before Congress as a "ridiculous spectacle." He also promised to end a cozy relationship that has existed between federal regulators and companies drilling offshore for oil and gas.
In Rose Garden comments, Obama said a lack of vigilant oversight contributed to the BP oil rig explosion. Federal regulators sometimes approved drilling plans based on the oil companies promising to use safe practices, he said. The rule from now on will be "trust but verify." (Read more Gulf oil spill stories.)