The late April explosion and sinking of the BP Deepwater Horizon oil rig 50 miles off the coast of Louisiana once more brought into sharp focus the risks, both human and environmental, of offshore oil drilling. Emerging evidence of malfunctioning equipment and repeated failures to contain the spill show the costs inherent in offshore development. Revelations about environmental shortcuts and lax oversight by the federal agency charged with supervising offshore development are equally troubling. In the aftermath of this disaster, it has become clear that the federal system for deciding where, when and how to drill offshore needs substantial review and reform.