Our lives revolve around oil. Oil brings food to our stores, comprises the fibers in our carpets and makes the plastic in our DVDs. With demand so high it’s no wonder attention has turned to supply, with some advocating the U.S. lift the ban against drilling for oil off its coasts. Is offshore oil drilling a golden opportunity, or would it only create a tidal wave of disaster?
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4. Addiction to Oil
- From Kenneth B Medlock III
By Kenneth B. Medlock III - Fellow in Energy Studies
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Alternative Investment
I would also add that offshore drilling is not likely to affect the R&D programs of alternative energy companies. The incentives for them to develop a commercial alternative to fossil fuels is huge. Many people pose this as a zero sum proposition, but I really don't believe it is.
Alternative energy research will therefore in all likelihood continue apace regardless of whether the US opens up its offshore to exploration. According to Data360 ( http://www.data360.org/graph_group.aspx?Graph_Group_Id=369 ), almost 10% of US venture capital was going to alternative energy development in 2006. I assume that figure has got quite a bit higher in the past two years.
The only scenario which might negatively impact alternative eenrgy research is if new oil discoveries are far greater than anyone now suspects even in optimistic cases, and a flood of new oil in the market depresses prices. But denial of the possibility of even moderate expected price impact is one of the key arguments of those who oppose offshore drilling.
Given the geologic realities, current large field decline rates, and projected global demand growth, I don't think oil market busting new production is a particularly likely scenario.
- hitac
September 27, 2008 6:02PM
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Breaking the Addiction
We are obviously already very addicted to oil. This can be easily spotted when the topic of the day is "Did you see those gas prices?!"
Like Medlock said if we make a smooth transition from oil to a new resource, everything will be fine. We Americans need to slowly ween ourselves off of our addiction, just as smokers do with all those patches and pieces of gum.
What is going to make the difference in offshore drilling is all in how we approach it. We can in no way approach it as the only solution. We need to approach it as something that will get us by while we slowly become less dependent on oil.
No one ever said that it was going to be easy to become independent from oil. Actually, it is bound to be quite difficult, but we are going to have to find the determination to do it. It will have to be done one day, so why not go for it now?
- kirbi
January 25, 2009 12:57PM
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No Doubt We Have An Oil Addiction
No one can deny the fact that the US is addicted to oil. "The first step to fixing your problem is admitting that you have one." That statment not only applies to the 12step process at an AA meeting, it also applies to our nation right now. We are hoplessly addicted to oil and the only way we are going ti fix it is by A. finding an alternative ebergy source and B. by gradually weaning ouselves off of it. By doing those things then it will be possible to bet our addiction.
- Cajun72
February 17, 2009 8:19PM
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