Jack Gerard, president of the American Petroleum Institute, says President Obama's oil spill commission report does a disservice to the oil industry. In his conversation with Susan McGinnis, he explains why. Gerard says the commission ignores 65 years of history in the Gulf of Mexico, and drilling of more than 42,000 wells. He says the commission has drawn "broad conclusions" about the safety of the industry that aren't based in fact. Gerard says AP has been developing safety standards for the industry since 1924 and is accredited by third parties. The commission says those standards were faulty, but Gerard responds by saying that API standards are the same ones that the commission recommends be adopted for safety programs moving forward. Gerard says the Deepwater Horizon accident and oil spill were the first incidents of that magnitude. He says the incident needs to be put in context, without casting unfounded aspersions on the broader industry.