Under pressure from gulf coast lawmakers warning of job losses, the Obama administration Tuesday lifted the moratorium on deepwater drilling for oil and gas in the Gulf of Mexico weeks ahead of schedule, pledging closer oversight in the wake of the worst spill in U.S. history.

"We are open for business," Interior Secretary Ken Salazar told reporters in a phone call Tuesday afternoon, adding, "We have made, and continue to make, significant progress in reducing the risks associated with deepwater drilling."

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