Oil spill aftermath: 'Drill, baby, drill' era may be gone forever

The Gulf oil spill was capped a year ago Friday, but offshore drilling is still far off its pre-spill pace. With a new regulatory agency putting a greater emphasis on safety, the industry might have to adjust to a new normal. The centerpiece of those reforms was abolishing the federal agency that previously oversaw offshore drilling and replacing it with a new one, BOEMRE. And to those in the oil industry, BOEMRE's regulations – seen as too cumbersome and lined with uncertainty – are the problem.