House OKs new standards for offshore drilling

WASHINGTON (MarketWatch) -- Companies that drill for oil in U.S. waters would be required to pay 100% of spill-related damages under a bill approved Friday in the House of Representatives. Written in response to the BP oil spill, the bill removes a $75 million liability cap now in place; requires independent certification of equipment and sets up other new offshore-drilling standards; and creates new agencies to oversee the industry. The bill would need to be merged with a Senate version for it to become law, a process that at the minimum can't be completed until the House returns from a recess in September.

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