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WASHINGTON (Reuters) - The BP oil spill in the Gulf of Mexico was a massive "failure" in oversight for the oil industry and the U.S. government, the co-chairman of the White House oil spill commission said on Wednesday.

Bob Graham, a former U.S. Senator from Florida, said regulators and offshore drillers were aware of the possibility of a major well blowout, such as the one that caused the BP spill, but ignored the risks.

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