Topic of Debate
After 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?
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