What Does It Mean to Put a Limit on the Cost of Regulations?

A NYT article on Governor Romney's approach to the economy discussed his attitude toward regulation. It tells readers that Romney:

"stopped talking about the benefits of regulation, focusing instead on its costs. His campaign platform includes proposals to curtail rule making, like capping the total cost of regulation at the current level, without adjusting for inflation."

What does a limit on the cost of regulation mean? Suppose that I have more oil than Saudi Arabia underneath my backyard,...