The Obama administration on Tuesday lifted its deepwater drilling ban six weeks ahead of schedule, stating that new rules are sufficient to protect against future oil spills.
"The oil and gas industry will be operating under tighter rules, stronger oversight, and in a regulatory environment that will remain dynamic as we continue to build on the reforms we have already implemented," Interior Secretary Ken Salazar said in a statement.
The administration imposed the ban in May following the blowout of the BP well in the Gulf of Mexico, which led to the largest oil spill in U.S. history. The six-month ban was overturned by a federal judge in New Orleans, but immediately reinstated under clarified justification by the Department of the Interior.
The new rules imposed by the DOI are expected to increase the costs of deepwater drilling. But lifting the ban ahead of schedule may help Democrats in the upcoming mid-term elections.
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