New York (CNNMoney.com) - The government was supposed to keep an eye on offshore oil drilling, it was supposed to make sure nothing went wrong.
Clearly, something went very wrong. Now the agency that oversees offshore drilling – already entangled in a sex, drugs and rubber-stamping scandal even before the BP disaster – is up for a complete overhaul.
Formerly the Minerals Management Service (MMS), the Obama administration has renamed it the Bureau of Ocean Energy Management, Regulation and Enforcement.
Plans are to further split the agency up into three separate divisions, all under the Department of Interior. The idea is to remove an apparent conflict of interest – charging one agency with both ensuring safety and maximizing oil revenues for the federal government.