The Current Regulations On Offshore Oil Drilling - 1456 Words

The current regulations on offshore oil drilling are too restrictive and do not effectively allow the use of our free market. For the free market to work as intended, it must be unregulated. Adam smith, who is widely considered the father of capitalism once stated â€Å"He, generally, indeed, neither intends to promote the public interests, nor knows how much he is promoting it. By directing that industry in such a manner as its produce maybe of greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for society that it was no part of it. By pursuing his own interest he frequently promotes that of the society mor effectually than he really intends to promote it.† (Library of Economics np) By this, Smith intended that whatever is best for the individual is usually best for the nation and economy as a whole. As the philosopher behind the advent of free-market principles that this country was founded upon, he is the foremost expert on the subject; therefore, his teachings are still very relevant today. As Adam Smith intended of the free market economy he designed, the United States must begin to implement like policies in regards to all industries. However, the most vital of these industries that must be liberated for the benefit of our country. Oil industries, in particular, throughout recent years have been victims of harsh rulesShow MoreRelatedOffshore Drilling Essay1518 Words   |  7 PagesIsrael, Arab (OPEC) nations in the Middle East restrict oil exports to the U.S. As a result, a decrease in the oil supply caused gasoline prices to quadruple. As America attempted to promote alternative energy sources, oil companies expanded their search for offshore oil. App roximately 25% of oil produced in the U.S. comes from offshore rigs. Due to environmental concerns following an oil spill off the coast of California in 1969, an offshore drilling suspension was put in place. Since then, America hasRead MoreThe Drilling Of Fshore Drilling Industry1509 Words   |  7 PagesThe offshore drilling industry can be split into 5 key markets: upgrade market, contract drilling market, second-hand market, scrap market and contract drilling market. Among them contract drilling market is most important, because it ensures smooth cash flow between markets. drilling units is summarised in the table below. The table above describes cash flow within offshore drilling markets. Contract drilling market leases drilling units to OG companies to drill or service wells, in turn theyRead MoreEconomic Concerns Of Deepwater Completions And Workover Essay1444 Words   |  6 Pages Benefits: Offshore completions and workover have some environmental benefits specially during the development phase. 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In this section, the report proposes various steps, which shall not only prepare the team, but also offer a guideline towards the response, in the case a similar disaster in the future. The proposed solutions include high-tech exploration, categorization of the disastersRead More Drilling Rigs : Offshore Drilling5013 Words   |  21 Pages An offshore drilling rig is a machine that creates holes (usually called wells or boreholes) and/or shafts in the ground. Drilling rigs can be huge structures that house equipment which is then used to drill water wells, oil wells, or natural gas wells. The term â€Å"rig† refers to the complexity of the equipment that is used to penetrate deep into the surface of the earth’s hard crust. Offshore drilling is a mechanical process where a wellbore is drilled through the seabed. Typically carried outRead MoreUk Pre Goal Setting Regime5182 Words   |  21 PagesUK Pre Goal Setting Regime Regulating health and safety offshore has been a challenge due to its intricate and hostile environment. In the 1960’s the UK first adopted a self-regulatory approach by the industry that was: ‘not subject to any detailed regulatory stipulations or inspections’ . The Government made it a basic obligation in the licence that licensees must comply with such instruction from the Minister . The minister however had not thought about what these may be. Conveniently the CodeRead MoreThe Oil Spill in the Gulf of Mexico1155 Words   |  5 PagesPrinciples Environmental Science Introduction Rig of the drilling Deep-water Horizon operated under British petroleum failed in its operation sinking below the seawater of the Gulf of Mexico on the 20th of April 2010. More than 11 workers lost their lives. After this incident, tons and tons of oil gushed from the main opening of the well, buried 1600 meters below the sea level. Necessary steps have been taken to take control on the spill but still there is much to handle when it comes to the