Since the BP oil spill is a hot topic in class recently and up for discussion the rest of the semester, drilling in the gulf is still at a halt due to the offshore accident. A lot of people do not realize that the gulf is a major asset to our domestic oil and job market in the petroleum industry. The moratorium has been lifted to start drilling in the gulf, but the issuing of new permits has not started. Therefore, drilling companies are only able to finish any existing projects and most companies are just sitting still (some have even sent there drill ships and rigs to other countries). The video below is with ATP CEO, who discusses the status of drilling in the gulf and the return to normalcy.
The BP oil spill was a tragic event and specifically to the offshore regions of the petroleum industry. It will be interesting to see what happens in the near future to offshore drilling. A large number of conventional plays in today's world are being drilled in offshore and shelf environments. If the U.S. continues to restrict the permitting of drilling in the deeper sea horizons, there might be a large influx in price and supply of oil.
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A well-written and provocative post. Glad to see your presence here more regularly. I like especially that you're taking a stand but acknowledging that other perspectives exist.
ReplyDeleteDrilling permits require extensive analysis and legal documentation to protect habitats and other aspects of nature. From my understanding, it may take several years to acquire a drilling permit on land. Do you know if the permits which were possibly in progress of being obtained during the spill for offshore drilling were vetoed or simply put on stand by?
ReplyDeleteI am not sure if the permits which were possibly in progress of being obtained during the spill for offshore drilling were vetoed or simply put on stand by. My assumption is that anything that was in progress will be allowed to continue but I will have to do some research to come to a conclusion...Let me know if you find anything...Thanks
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