The 2008 Republican campaign slogan, “Drill, Baby, Drill!” definitely has some truth to it. The slogan was uttered by Republican National Committee chairman Michael Steele during an address at the 2008 Republican National Convention. Mr. Steele was calling for increasing domestic production of oil. It seems that his statement did not fall on deaf ears, as both on and offshore drilling for oil continue.
Despite international efforts to go green, renewable sources of energy cannot yet feasibly replace fossil fuels. Some of these, like the sun and wind, are intermittent. This makes them unreliable as a primary energy source. There are days when the wind will not blow strong enough and the sun will not make an appearance. Worldwide leaders know that oil remains a necessary evil, especially during these conditions.
The worldwide supply of oil is running out, causing those in the industry to search for more. Oil exploration is expanding into deeper waters and more fragile ecosystems. These conditions are more dangerous, increasing the chances of an oil spill rivaling the magnitude of that which recently occurred in the Gulf of Mexico.
The U.S. government recently lifted its temporary ban on deepwater drilling. Companies will be subject to stricter rules and requirements in order to receive permits for proposed projects. They will need to take steps to minimize the potential of a spill occurring. They will also need to have detailed response plans to address any spills that do happen.
Unless drilling for oil ceases worldwide, there will be more oil spills. The magnitude of these will vary depending on the size of the oil field and the drilling technology involved. All eyes will be on the companies engaging in exploration and they face enormous pressure to ensure that a disaster like the BP spill never again occurs.
I'll Personally Email You
For just 15 minutes a week, I'll teach you everything there is to know about investing in mining companies. Plus, I'll include free guides on building a passive income, preparing for inflation, getting out of debt fast, and finding real financial security.
Plus, if you ever want to talk or ask any questions, I'll respond personally -- usually within an hour. Oh, and all of this is free. Just sign up right now:
oil drilling

Leave a comment
You must be logged in to post a comment.