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The Impact of Foreign Countries drilling for oil off the United States Coast
It has been reported that China has plans to start drilling for oil off the Florida Coast. While they have a right to do so being we must look at the impact of foreign countries taking the initiative of drilling for oil off our coastline. One must ask if this is the beginning of something over which we have no control. It may be and only time will tell. The question is what can we or should we do about this event.
To begin we must not let foreign countries start to take some of the oil reserves so close to our shores without taking action ourselves. Along our shorelines there are oil resources which need to be tapped to not only provide jobs but boost the economy. Countries such as China feel it is the right thing to do to tap this resource even though it is hundreds if not thousands of miles from their country. China and other countries see the value of generating their own supply of oil to help in their costs of this vital energy resource.
Demand for energy resources such as oil, gas and others will increase in demand in the future and has already started based on reports in the media. Granted we had an environmental disaster in the Gulf of Mexico by BP but the problem was addressed. This should not keep us from tapping this reserve vital to our energy needs. The unknown surrounding foreign countries drilling for oil off our shores brings up the question as to who will pay for any contamination issues if accidents happen. One thing which is implied by China making the decision to drill is the fact we are not doing it so they will. If we as a country had committed to accessing this resource the opportunity for foreign countries would not be there as they are now.
Controls do need to be in place for any drilling operations in the Gulf or anywhere outside our shores but who will ensure that controls are put in place by foreign countries who decide to drill. We would have some control to ensure safety measures are in place by American drilling operations thereby increasing the security of any operation and benefiting the economy. I am all for environmental controls but I am also for utilizing all our energy resources available to us whether inside our borders or just outside our shores. Any decision to delay or deny companies who want to initiate or restart drilling operations should be met with a positive response, not a negative one.
The costs of energy resources is going to continue to be high or at least not within our control. We need two things to occur to address our energy needs now and in the future. The first thing is to utilize the energy resources we have available regardless of the location. Present resources of oil and gas reserves and the technology to access them is now available. The second thing we need to do is to develop a policy to encourage the private sector to develop alternative sources of energy for our future needs. This will not only help energy companies to grow and create a demand for workers. This will increase revenue to the government and help to affect the price of the resources we now pay. Some reports have identified the potential reduction in the costs of oil by using our own supply.
The present situation in many foreign countries who presently supply oil to us are in a state of flux and uncertainty given the issues in several Middle-East countries. It is not now known how the supply will be impacted by the changes in the leadership of the affected countries nor do we know how the price will be impacted. We need a secure supply of oil for our needs. Past history has seen us subjected to up and down supplies of oil and up and down prices of the oil we pay. Why should we remain at the mercy of Middle-East countries when we can tap our own reserves to provide some energy independence? Becoming more energy independent is something everyone agrees is needed. Let us use the reserves we have, increase our national security, and help our economy grow by creating opportunities for jobs. This will increase revenue for all levels of government through taxes paid by those who work.