A U.S. commission investigating the Deepwater Horizon oil spill has released long-awaited findings into the causes of the 2010 disaster, saying BP PLC (BP, BP.LN), Halliburton (HAL) and Transocean (RIG) committed "identifiable mistakes" and that systematic failures raise doubts about the safety of the entire industry.

In a widely anticipated report released Tuesday morning, the commission and its panel of experts said government oversight of the industry will require "fundamental reform" and that oil companies will need to "dramatically" step up safety practices.

The commission's panel will play a big role in future debates over oil-spill legislation, which the U.S. Congress failed to pass last year, as well as the development of future standards.

A point of contention will involve liability caps, which identify the maximum amount of dollars that oil companies will be forced to pay as a result of a spill. Sen. Robert Menendez (D., N.J) plans to introduce a bill in coming days that removes caps altogether, placing companies on the hook for the full value of any disaster.

Established in May, one month after the drilling rig exploded, killing 11 people and triggering the worst offshore spill in U.S. history, the National Commission on the BP Deepwater Horizon Oil Spill and Offshore Drilling has been closely watched.

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