ON OEL 5.4 Initializing the Oracle ASMLib driver: [FAILED]

ISSUE:

Writing Oracle ASM library driver configuration: done
Initializing the Oracle ASMLib driver:                     [FAILED]

SOLUTION
If using Oracle asm support 2.1.0 or more use the following to update driver and reconfigure ASM
/etc/init.d/oracleasm update-driver
Updating to the latest Oracle ASMLib driver:               [  OK  ]
[root@node1 oracle]# /etc/init.d/oracleasm configure
Configuring the Oracle ASM library driver.

This will configure the on-boot properties of the Oracle ASM library
driver.  The following questions will determine whether the driver is
loaded on boot and what permissions it will have.  The current values
will be shown in brackets ('[]').  Hitting <ENTER> without typing an
answer will keep that current value.  Ctrl-C will abort.

Default user to own the driver interface [oracle]:
Default group to own the driver interface [dba]:
Start Oracle ASM library driver on boot (y/n) [y]:
Scan for Oracle ASM disks on boot (y/n) [y]:
Writing Oracle ASM library driver configuration: done
Initializing the Oracle ASMLib driver:                     [  OK  ]
Scanning the system for Oracle ASMLib disks:               [  OK  ]