The Obama administration is set to unveil a revised deepwater oil drilling moratorium after an appeals court refused to reinstate an earlier ban imposed after BP's massive oil spill. The Interior Department was expected to soon issue the new order on deepwater drilling below 500 feet. The step is being taken to address the concerns raised by the US Court of Appeals for the Fifth Circuit yesterday and a lower court last month. New Orleans-based appeals court ruled 2-1 against the administration's request to stay a lower court decision lifting the six-month drilling ban. The court said it failed to show how it would be irreparably harmed if it were not granted. The court added that the administration also made no showing that there is any likelihood that drilling activities will be resumed pending appeal.The political stakes are high for US President Barack Obama as he seeks in the face of public criticism to show that he is responding forcefully to the BP. The oil industry fears the crisis could put costly projects on hold.