Your assignment is to prepare and submit a paper on deep sea drilling. Benefits and Disadvantages of Offshore/Deep-Sea Drilling
The benefits of deep-sea drilling outweigh the advantages. The primary benefit/advantage of deep-sea drilling is increasing the US economy’s oil and gas resources. Research conducted by BP PLC energy company estimated that the continental shelf holds an estimated 85.9 billion barrels of oil. The US consumes around 7.56 billion barrels of oil annually (Sheridan, Nafe & Hennion, 2006. Therefore offshore and deep-sea drilling can sustain the US oil requirements for 11 years. The excess fat can be sold to increase revenue to the Federal government. The price of oil per barrel ranges between $ 84-& 86. This number is about to grow in the future. The oil can increase US import revenue by a more significant margin and concentrate its political power.
Creating new employment opportunities is another benefit of offshore-deep-sea drilling. The drilling companies will need to hire more workers to increase the oil resources in the economy. The oil reserves are numerous, and thus a vast number of people will be employed to exploit the new opportunities without depleting the oil resources. Also, the drilling process is very technical, and experts in different areas will be needed to ensure that the drilling process is safe for people and the environment. For example, environmental specialists will be hired to provide that drilling doesn’t upset the ecosystem balance (Zabanbark, 2009). Technical experts will be involved in the entire drilling process to increase its efficiency and cost-effectiveness. The financial analyst will be required to analyze the logic of drilling and determine if the drilling costs exceed the drilling benefits. Also, increasing the oil reserves will increase the energy levels and boost industrialization. Growth in the economy translates into expanding and opening new firms that will offer citizens more job opportunities.
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National security will increase through offshore/deep-sea drilling. Increasing oil reserves will reduce dependence on foreign oil importation. Oil is an essential natural resource for the growth of any economy. It provides the energy needed to industrialize a nation. For example, fuel is required to power vehicles and deliver goods to markets, both local and international. .