"We will Trust but we will Verify"

President Obama used a well-known Reganism in his message to oil companies on Friday.

For too long, for a decade or more, there has been a cosy relationship between the oil companies and the federal agency [the Minerals Management Service, MMS] that permits them to drill…It seems as if permits were too often issued based on little more than assurances of safety from the oil companies. That cannot and will not happen anymore. To borrow an old phrase, we will trust but we will verify.

Meanwhile, the BBC reports that BP representatives do not regard the Gulf oil spill disaster as the end of deepwater exploration.