The Obama administration has started off a process to reform big oil oversight following the oil spill. Just like the health care reform that was essentially more regulations and zero public option or new government insurance issuing agency, this reform as proposed plans to strengthen oversight and separate the part that enforces regulations from that which manages and issues new leases.
THIS IS AGAIN ANOTHER GOVERNMENT TAKEOVER (SINCE MORE REGULATIONS = TAKEOVER).
But surprisingly, Republicans are encouraging this takeover:
Rep. Darrell Issa, R-California, the Ranking Member on the House Committee on Oversight and Government Reform, issued the following statement in response to the Obama administration's plan to split up the Mineral Management Service ("MMS"), the federal agency that regulates oil and gas drilling.
"MMS has been an agency in crisis for the better part of the Clinton, Bush and Obama Administrations. Despite numerous reports highlighting the corruption and dysfunction within MMS, it has unfortunately taken a large-scale and costly crisis to get the attention needed to have a legitimate discussion about the need to overhaul MMS and liberate it from the Department of Interior."
Of course the current admin is lumped in with the past one for not engineering this reform/takeover much sooner. God help them if they had dared do so within 12 months of the inauguration and in the absence of any crisis or given their full plate with financial collapse, housing collapse, recession, bailouts, 775K a month job losses and the cries of their not being focused on the economy would have been inundating.