Interior Secretary Ken Salazar emphatically denied reports that there is a deal with BP to resume drilling in the Gulf of Mexico. "There is absolutely no truth to the rumor that there is some sort of agreement," the secretary said on a conference call with reporters.

Over the weekend, British media reports suggested BP would start drilling in the gulf this summer. "There is no agreement with respect to BP," said Salazar

The interior secretary - who is in Mexico City to discuss with officials there the development of "one gold standard" for oil and gas exploration and development in the gulf - told reporters, "We treat every company" that applies to drill offshore, "with the same set of standards that we would treat everybody else" and that BP would have to go through the same process. "There is nothing here with BP that is different from what we will be doing with all the other companies that operate in the Gulf of Mexico," the interior secretary said.

A much anticipated meeting between Interior Secretary Ken Salazar and executives from the oil and gas industries failed to lead to much progress, as both sides expressed frustration with the outcome of Monday's meeting aimed at diffusing simmering tensions in the wake of the BP oil spill.

UPDATE: Interior Secretary Ken Salazar announced Tuesday afternoon that deepwater oil and gas drilling could resume.  Salazar said in a statement that the drilling could go on with some conditions, including "compliance with all existing rules and requirements, including those that recently went into effect, and that members of industry demonstrate the availability of adequate blowout containment resources."

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Interior Secretary Ken Salazar will make an announcement on the federal government's deepwater drilling moratorium "soon...in fact, it is imminent."

This is according to Michael Bromwich, Director of the Bureau of Ocean Energy Management Regulation and Enforcement.

Speaking to reporters Tuesday morning in Washington, Bromwich said officials understand, "real and substantial pain has been inflicted on people, particularly in the gulf region."

However, Bromwich stood by the federal government's decision to apply the moratorium -- saying it was critical, "to diminish the chances of another tragedy like we saw with the Deepwater Horizon."

Officials with the Bureau of Ocean Energy Management, Regulation and Enforcement tell Fox, "When he said imminent...he meant it, don't go home early today."

It's been 5 years since Hurricane Katrina wreaked havoc along the Gulf coast and 60 months later much of the region is still trying to rebuild. Complicating the recovery effort is this Spring's massive BP oil spill, which created even more problems for communities already struggling to revive their local economies.

Ewell Smith, the Executive Director of the Louisiana Seafood Promotion & Marketing Board, spoke to Fox News a day ahead of the President's Sunday visit to New Orleans to mark the anniversary. The President will speak at 3pm eastern time, when he is expected to reaffirm his Administration's commitment to the Gulf, and reassure local business owners they're not alone in their efforts. Smith, who recently teamed up with ready4takeoff.org, a Gulf organization aimed at revitalizing local businesses, says standing behind business owners is the key to revitalizing the economy. (read more)

While welcome signs dot the little island of Martha's Vineyard, encouraging President Obama and his family to enjoy their vacation, the seas are not so friendly. A flotilla of New England fishing vessels -- totaling about a dozen boats thus far -- has converged just outside the Vineyard Haven Harbor. The floating protest is an appeal to the president to intercede with the National Oceanic and Atmospheric Administration, NOAA, on the behalf of struggling fishermen who feel strict new federal regulations will devastate coastal communities and force them to leave their boats and their livelihoods.  (read more)