Offshore Oil Exploration & Drilling Debate
Topic of DebateAfter witnessing the extent of damage just one failure can cause, we were wondering how you feel about Offshore Oil Exploration and Drilling these days. Join our latest debate, by clicking through the "Discuss" button below.
There are not many disasters of the magnitude of the current mess in the Gulf of Mexico, but when so much hinges on the success of just one project, it raises the question, is it really worthwhile? The failure of British Petroleum (NYSE: BP) to react swiftly in mitigating the extent of damage also raises concern about how committed the oil industry is in protecting the environment. It does not help things when implicated parties like BP, Transocean (NYSE: RIG) and Halliburton (NYSE: HAL) all seem more concerned about legal vulnerability than clean up and improvement. However, it would be naive to not expect these firms to put up a defensive legal front.
The argument on the other end will surely emphasize energy independence and the need to reduce reliance on foreign oil. We expect offshore oil exploration and development proponents will concede that operation safety needs to be flawless and disaster reaction time and effectiveness needs to be perfectly efficient. The oil industry will highlight a relatively low disaster rate, but when even one disaster causes so much ruin, I think it's clear that operations need to be perfect.
However, when you operate in the sea, most seamen know, you fight an uphill battle. It's virtually impossible to manage all the risks you face in the ocean over the course of years. And as far as energy independence goes, imagine how much damage could be done to us in war time if we fill our shore lines with offshore rigs. How independent would we be then? While offshore oil drilling and exploration is a tempting option, is it really worth the risk? I think it is clear that alternative energy is the best long-term option for the United States, and so we must continue to direct increased funds toward research and development to improve the economic viability of alternative energy options and to add support infrastructure. That is my view! What's yours?
How do you feel about:
Offshore Oil Exploration and Drilling?
(Tickers: NYSE: XOM, NYSE: CVX, NYSE: TOT, NYSE: PTR, NYSE: COP, NYSE: E, NYSE: REP, NYSE: ECA, NYSE: PZE, NYSE: STO, NYSE: EC, NYSE: CVE, NYSE: DO, NYSE: NE, NYSE: PWE, NYSE: CLR, NYSE: CXG, NYSE: ESV, NYSE: NBR, NYSE: PDE, NYSE: CXO, NYSE: WLL, NYSE: ERF, NYSE: HP, NYSE: RDC, NYSE: CIE, NYSE: PGH, NYSE: ME, Nasdaq: ATLS, Nasdaq: PTEN, NYSE: MWE, NYSE: UNT, NYSE: ATW, NYSE: BBG, NYSE: SD, NYSE: ARD, NYSE: KEG, NYSE: TAT, Nasdaq: LCGY, Nasdaq: EVEP, Nasdaq: BBEP, NYSE: PSE, NYSE: ENP, NYSE: WPI, NYSE: VQ, NYSE: BHI, Nasdaq: AMCF, NYSE: BAS, Nasdaq: BOLT, NYSE: DVR, NYSE: WEL, NYSE: CAM, NYSE: CRR, NYSE: SLB, NYSE: NOV, NYSE: WFT, NYSE: SII, NYSE: FTI, NYSE: CGV, NYSE: OII, NYSE: DRQ, NYSE: OIS, NYSE: SPN, NYSE: PDS, Nasdaq: FSLR, NYSE: TSL, Nasdaq: SPWRA, Nasdaq: JASO, Nasdaq: SOLR, Nasdaq: CSIQ, Nasdaq: SOLF, Nasdaq: ASTI, NYSE: GU, Nasdaq: PESI, Nasdaq: FCEL, Nasdaq: BLDP, Nasdaq: PLUG, NYSE: NYX, NYSE: ICE, Nasdaq: NDAQ, NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD)
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
posted by The Greek | 12:42 AM
7 Comments:
Off-shore drilling had a good record until the BP spill. Find out the causes and start the rigs working.
Yes, we the USA as well as the rest of the world industrial powers must turn to other energy soures to replace oil. That said, the change cannot happen over night, but must allow time for the present oil drillers, refiners, distributors (ie the industry) to unwind their huge financial investment so as to permit the world economies to make an orderly transition.
If the eco-driven folks had not driven off shore oil drilling so many miles out to sea, where the drilling begins 5,000 feet below the surface, corrections to drilling problems could be handled in an expeditious manner nor would the expense be of drilling be as great.
What happened to our "can do" spirit?
Did we quit trying to win independence at Valley Forge? Did we quit trying to eradicate Slavery after the battle of Bull Run? Did we quit trying to settle the West after Little Big Horn? Did we quit trying to defeat the Germans when there were disasters in N. Africa? Did we quuit trying to go to the moon when there were launch failures?
So there was a disaster...big deal. Let's clean-up the mess and make sure it dosn't happen again. Let's not become a bunch of quitters.
Offshore water drilling has been safe but ,the culprit is Deep Water
Drilling where safty measures and technology apparently havent caught up with deeper drilling prospects.In turn this will prompt new legislation and agreesive tax incentives for eco friendly fuels.Unfortunately it seems it always takes a disaster to advance safer and alternative solutions NOW.
I think that the idea of drilling anymore is insane. Oil is killing this nation and also the world. Whoever said lets not be quitters obviously doesn't mind if we quit living. The world is in a state of economic, environmental, and political meltdown and I am sorry to whomever said that it takes a disaster to do something to fix the problem, because we still haven't done anything to fix it. The fact that we still intend to drill instead of trying to find other ways of getting energy proves that it is going to take far more than what already happened to make anyone open their eyes. The rich are getting richer, why do they care if everyone else suffers or even dies to line their pockets.
I believe oil drilling is bad for the enviornment. A way to stop would be finding other resources to use as a fuel. There has to be another way, lets not quit. We have brains to use. I know we tried to oil drill but it is getting a little bit out of hand.It may bring in money to people and help run cars, but it is really damaging our earth.Especially offshore killing marine life. We need to find other sources.
Post a Comment
<< Home