The oil spill off the coast of Louisiana is going to have a huge effect on the whole oil industry, especially in the way it is regulated. Former chief economist at the IMF, Ken Rogoff explains what lessons should be learned from BP's oil spill.

He thinks "it's very natural overtime to relax regulation". He also believes "there are very strong political forces that make it hard for regulators when you have an industry that's very rich and successful and seems to be doing well."

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