Oil has been too cheap. Increased safety procedures and environmental mitigation will most likely add to the cost of producing oil within the US. Also remember that bad things like spills can happen overseas as well. As we increase the cost of domestic production, we should do better than just start importing more cheap oil from overseas.
We've allowed the economy and people's lifestyles to develop around the assumption of cheap oil. Reducing executive salaries can take up some of the cost, but most will likely be passed on to the consumer.