Federal regulators have given their permission to BP to start drilling a new deepwater well in the Gulf of Mexico. This is the first permit given to BP since last year's Deepwater Horizon disaster. Regulators say BP has met all the new, strict safety requirements that have been implemented since the spill. Mid Continent Oil and Gas Association President Chris John says it's taken the better part of a year for the industry to understand and comply with the new regulations. He says this permit should signal a return to business as usual in the Gulf.

John says the biggest hurdle the oil and gas companies had to clear was getting a clear set of new regulations to follow. He says it's taken a long time for the federal regulators to clarify the new safety requirements.