Tectrus Moa
11-09-2008, 02:04 PM
On July 22, 2008, National Public Radio (NPR) discussed the issue of offshore drilling and how it could benefit America’s oil production in the future. Many oil exploration companies have brought about 85 leases but, unfortunately, many of these oil companies are not using the leases to find and drill for oil. The government and the American people favor offshore drilling because they believe it could have some effect on high oil prices, especially in the Pacific and Atlantic coastlines. However, most of the Pacific and Atlantic coastlines are protected because of wildlife. In these hard economic times, I think that offshore (including the Pacific and Atlantic coastlines) drilling is good for America, since we are so dependent on foreign oil. However, I do not think it would effect the price of oil, due to the fact that the price of oil is constantly rising and falling.
The real question is how much oil can be retrieved offshore? Oil exploration companies will not know how much oil they can drill until they go out to the coast lines and start exploring (mainly in the Gulf of Mexico where most oil companies have leases). Since most oil companies have the permission to drill offshore in the Gulf of Mexico and once other oil companies get permission to drill on both Pacific and Atlantic coastlines, they will have to go through the usually process, which is planning, building the facilities, drilling, and pumping the oil. That can take anywhere from eight to ten years, depending on how far offshore the oil exploration companies want to drill and the type of geological structures they want to drill on. Plus, offshore drilling is very expensive, depending on how far the oil companies want to drill offshore. Once the oil companies start pumping oil, it is estimated that they might produce about a million barrels a day, probably more, some oil experts say. If we start drilling for oil offshore now, eight to ten years from now, it is estimated that it would count for one percent of the world’s oil, some oil experts say.
I believe that America should stop being so dependent on foreign oil. If we decide to drill offshore, it would increase American’s oil production by seven percent, some oil experts say. To the American people, that sounds pretty good. But it raises another question. Will offshore drilling reduce the cost of oil? As I mentioned before, if America starts drilling for oil offshore, eight to ten years from now, they might produce one percent of the world’s oil. And who knows how much oil will cost in the future. I believe that offshore drilling will not effect the price of oil because it is the impact on the world’s oil market that will effect the price of oil in the United States of America, not the impact on the United States of America’s oil market.
The real question is how much oil can be retrieved offshore? Oil exploration companies will not know how much oil they can drill until they go out to the coast lines and start exploring (mainly in the Gulf of Mexico where most oil companies have leases). Since most oil companies have the permission to drill offshore in the Gulf of Mexico and once other oil companies get permission to drill on both Pacific and Atlantic coastlines, they will have to go through the usually process, which is planning, building the facilities, drilling, and pumping the oil. That can take anywhere from eight to ten years, depending on how far offshore the oil exploration companies want to drill and the type of geological structures they want to drill on. Plus, offshore drilling is very expensive, depending on how far the oil companies want to drill offshore. Once the oil companies start pumping oil, it is estimated that they might produce about a million barrels a day, probably more, some oil experts say. If we start drilling for oil offshore now, eight to ten years from now, it is estimated that it would count for one percent of the world’s oil, some oil experts say.
I believe that America should stop being so dependent on foreign oil. If we decide to drill offshore, it would increase American’s oil production by seven percent, some oil experts say. To the American people, that sounds pretty good. But it raises another question. Will offshore drilling reduce the cost of oil? As I mentioned before, if America starts drilling for oil offshore, eight to ten years from now, they might produce one percent of the world’s oil. And who knows how much oil will cost in the future. I believe that offshore drilling will not effect the price of oil because it is the impact on the world’s oil market that will effect the price of oil in the United States of America, not the impact on the United States of America’s oil market.