Oil is the most important commodity in the world today. The demand for this product is ever increasing and on the other hand the supply is dwindling. Today most of the oil produced is drilled out of the ground and mostly in the Middle East countries. The entire world today is dependent on a handful of these countries for the oil supply. Any shift in the oil prices affects the economy of the entire world. Since the supply of the oil has become scarce the world is exploring other options and offshore oil drilling is one the options.
Offshore oil drilling in simple terms means drilling of the sea bed for this precious commodity which is also known as liquid gold. The main region where the drilling takes place is the continental shelf of the sea bed. Like everything else there are pros and cons of offshore drilling. In the consequent article we will discuss the same.
First we will discuss the pros or the positive aspects of offshore oil drilling. The first and the foremost benefit of offshore oil drilling is that it will greatly minimize the dependency of the entire world on the Middle East nation for petroleum. In this way this small group of nations will not be able to dictate the economy of the rest of the world. Another major benefit of offshore oil drilling is that it will increase the supply of oil and therefore consequently it will bring down the price of oil and at the same time of other commodities as well.
The obvious corollary of the above statement is that it will enhance the lifestyle of an average citizen and at the same time also help in the increase of employment as it will help creating more jobs. Offshore drilling implies greater degree of domestic supply of oil and therefore a prospering economy.
But the other side of the coin does not paint a very pretty picture. There are plenty of cons of offshore drilling as well. It has been estimated by various economist that the oil generated from the offshore drilling will not reduce the dependency on imported petroleum by a great deal. The estimated reserves are not enough to meet the needs of the world. And therefore there is absolutely no assurance that the oil prices will come down.
Another extremely disastrous downside of offshore oil drilling is that it will cause oil spills which will cause irreversible damage to the ocean marine life and the organisms. The worst part of the major and the minor spills are that despite the advanced technology the scientists have still not found a way to completely remove the oil spill. The greatest chances of the occurrence of the oil spill are when the oil is being taken from one place to another in the tanker. It may also happen if the pipeline itself is damaged.
Another extremely unsavory outcome of the offshore drilling of oil is that it will lead to increase in the rate of the carbon emission which will only add to the already existing problem of global warming. The world has to know that the answer to the dwindling supply of energy is not digging up of more well but exploring the options of alternative and sustainable energy.