Gulf Coast Oil Spill and Future Exploration

By svaonfv3232 9 months ago on News from 1

Depending on whose figures we choose to believe, anywhere from 60,000 to 100,000 barrels per day of crude oil continues to gush into the Gulf of Mexico. BP says it will reduce that by ninety percent before the end of July. Good news if true but let's not forget that most of this company's predictions have not panned out. Even if this plan works, 6,000 to 10,000 barrels per day will continue to foul the beaches.

How much longer will this continue? Nobody, least of all BP can answer this question and the possibility exists for months or even years more leakage. Given the catastrophic damage already inflicted on the affected coastline, there is no predicting the future for those who live and earn their living in this region.

What does this disaster mean for the future of off-shore oil and gas exploration? Some see it as the end of deep-water drilling but this is just wishful thinking. Our insatiable demand for fossil fuels creates a need for a reliable domestic supply, to eliminate dependency on often less than friendly foreign providers. As long as our love of gasoline or diesel powered vehicles continues, every possible method must be employed to find new reserves. There remains little likely hood for new land based finds, which leaves the ocean as our last great hope.

Oil firms are already looking to court action to force a resumption of drilling in the Gulf of Mexico. Canada is drilling its deepest ever well off Newfoundland and plans to grant licenses in the arctic.China has started construction of drilling rigs and if their safety record in other areas is anything to go by, disaster could be looming in Asia. Australia sinks up to 100 off-shore wells per year. Aussie standards are among the world's highest but guarantees don't exist in this business.

Despite this tragedy, life goes on and that life involves a massive consumption of oil. Alternative energy options remain a niche interest at best, with little serious money going in this direction. Much lip-service is being given to safety but the financial stakes are enormous. The willingness of corporate leaders to roll the dice was well demonstrated during the recent financial meltdown. Little regard was shown for the consequences for others or even for the ruin of their own companies. The chance for a big score was the only consideration.

What change can we look forward to? Unfortunately not much is likely to be seen in the near future. The big oil companies have long been a force to reckon with in government. They benefit from a less than arms length relationship with the agencies that should be regulating them. When it comes to enforcing the rules it is hard to get tough with your friends. Despite expressing sympathy for the plight of Gulf coast residents, the powers that be will still favor wealthy CEOs over struggling fishermen.

Capitalist societies are driven by the laws of supply and demand. It is all too easy to point the finger at others when disaster strikes but every time we fill our gas tanks we share the blame. As long as we choose to warm up the car for five minutes, rather than walk two blocks to the mall, we increase the risk of another big spill. Real change won't come until we all become more responsible.