(Reuters) - The Obama administration on Tuesday lifted its ban on deepwater drilling seven weeks ahead of schedule, saying new rules cut the risk of a repeat of the BP oil spill, the worst ever to hit the United States.
Restarting deepwater drilling could be slow, however, as oil companies will need to comply with the new regulatory regime and demonstrate they can adequately respond to blowouts before drilling can resume, the Interior Department said.
"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 Obama administration is lifting the controversial drilling ban as his Democrats prepare for a tough mid-term election in November, amid concerns over the economy and unemployment.
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