Increase Oil Production or Offshore Drilling - Devil or Deep Sea

Offshore Drilling or Increase Oil Production - Devil or Deep Sea. George Bush has asked Saudi Arabia to increase oil production. The answer from Saudi Arabia is No. Bush, inorder to reduce the spiralling oil prices has asked US Congress to allow Offshore Drilling.

http://www.guardian.co.uk/business/2008/may/16/oil.saudiarabia

http://www.nytimes.com/2008/06/19/washington/19drill.html?ref=environment

What is Offshore Drilling ?

1. Drilling Oil in the Sea beds.
2. Oil Rigs will be placed in shallow Sea bed.
3. Drill Holes from the rig to reach the deposit.
4. Pump and then transport.
   

http://www.world-petroleum.org/education/offdrill/index.html

Advantages of Offshore Drilling

1. Exploiting the abundant oil wealth present under sea bed.
2. Reduce the dependency on Oil Rich countries.
3. Can satisfy the needs and wants more readily.
4. Will not cause spiralling oil prices and hence inflation can be controlled.
   

Disadvantages of Offshore Drilling

1. The first oil can be obtained only after gestation period of 15 years
2. Destruction to Marine Life
3. Frequent troubles from Environmental Agencies
4. Cost of oil could even rise as the entire production process is expensive.
5. Privately Owned oil companies can become richer and puts the consumers at risk of unpredicatable oil prices.
6. Denying the technological development and advancement in exploiting other sources of renewable energies like Hydrogen, Ethanol, Solar, Geo Thermal etc

What can be done ?

Instead of solving the problem of oil crisis, the Bush government has deferred the problem to later years and creates another furore.

My suggestion would be to start exploiting the renewable sources of energy by

1. encouraging more R&D,
2. Venture Capitalist's investements and
3. fundings and support from Government.
   

If an alternative technology can be discovered and commercialised we will be able to reduce pollution and also reduce the dependency on non renewable sources of energy.