"WASHINGTON — The Obama administration on Monday proposed a new regulation for offshore oil and gas rigs intended to improve equipment standards and well designs and avoid a catastrophic spill like the one in the Gulf of Mexico in 2010.

Sally Jewell, the interior secretary, said that the rule would help modernize oversight of the industry, and that it balanced business interests with environmental concerns. “I believe these regulations will enable us to both grow the economy and protect our resources,” she said on a conference call with reporters.

The Interior Department estimated that the new standard would cost about 90 companies a total of $883 million over 10 years, but officials said many firms were already moving toward compliance on their own and predicted $656 million in net benefits over the next decade."

Coral Davenport and Peter Baker report for the New York Times April 13, 2015. [2]

SEE ALSO:

"Nearly 5 Years After BP Spill, White House Proposes New Rules For Offshore Drilling" (AP) [3]

"White House Tightens Oil-Drilling Rules as Bp Spill Anniversary Nears" (Washington Post) [4]

"Feds Propose New Offshore Drilling Rules 5 Yrs After BP" (WWL) [5]