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The White House  is formulating legislation which will split the agency that regulates the oil industry which it says “has inherent conflicts because it collects billions of royalties from the oil companies it’s charges with overseeing,”  according to the Wall Street Journal.

President Obama will send legislation to Congress, for their approval, which will up the cap that oil companies must pay for damages caused by spills (currently at $75 million).  This new legislation will also help regions devastated by oil damage making funds available for the fishing industry, tourism, and associated job losses, for those affected by disasters like what’s currently happening in the Gulf.

The damage to commercial fishing continues to widen in the Gulf of Mexico as the mile-deep blow-out continues to gush thousands of gallons of oil every day.  Fishing prohibition is now extended to Florida.  The Gulf is a major source of fishing for the United States.

BP will try again today with another, much lighter, containment dome to cap the leak.

White House to Unveil Legislation to Respond to Oil Spills – WSJ.com.