Oil production is not only one of the most valuable resources known to man, but also something that Allied Energy of Bowling Green, KY knows a lot about. Oil is used to fuel the everyday life of the modern society, from personal vehicles to machines that produce consumer goods. Fossil fuel is a finite resource that is steadily being depleted. Proponents of domestic oil drilling argue that relying less on foreign oil imports can benefit the economy. About 55% of petroleum is sourced from foreign countries, making the country vulnerable to problems in the international market.
The US Energy Information Administration states that much of the United States’ untapped oil reserves exist in Alaska which can produce approximately 4.3 million barrels of oil. While it can be difficult to be 100% reliant on domestic oil, it is not impossible. The US has a roughly 55 Billion barrels of untapped oil reserves and it can take some time to extract them all but doing so will mean that the country can lower their reliance on foreign oil, which obviously has numerous benefits to our country as a whole.
Environmental Impact of Domestic Oil Drilling
Foreign oil drilling is often associated with more environmental damages. The drilling in the Gulf of Mexico has caused the worst oil spill. This resulted to poisoning of fishes and the destruction of corals. It can also pose a major risk to wildlife. This kind of oil drilling disturbs and damages habitats and has caused the death of thousands of animals.
Whenever oil is extracted from the ocean floor, other substances like mercury and arsenic also mixes with the water. If these harmful chemicals are released into the ocean, this can harm aquatic animals.
Domestic oil drilling enables the government to implement strict environmental guidelines for the oil companies which can minimize oil spills and accidents. Furthermore, men who are drilling on their own land are known to be more careful in their processes.
Economic Benefits of Domestic Oil Drilling
There are several economic benefits of domestic oil drilling, with the primary being job opportunities. Domestic oil drilling can provide job opportunities for people without having to go far. Other industries like transportation can also benefit from domestic oil drilling. On shore domestic oil drilling is also much easier to facilitate since equipment and tools can easily be transported to the drill sites. It can also lessen the cost of production since there will be no underwater pipeline system to install.
All over the world, people are buying more and more machinery that runs on oil. Domestic oil production can help the economy provide faster oil production thus giving enough reason for machine manufacturers to continue their production. There is also a substantial pre-existing infrastructure that involves the usage, refinery, and distribution of oil.
Oil production can also improve balance of trade. Producing domestic oil can reduce the trade deficit dramatically. American industry would still have to pay for the oil but it will go back to the US economy instead of going to foreign countries, which in turn means that we can lower costs nearly across the board. This in turn helps people save money, employers can afford to hire more employees and in some cases will even be able to pay their employees more; the list goes on and on.
Energy Benefits of Domestic Oil Drilling
Oil is mainly used as a source of efficient energy. There are a significant amount of energy benefits with domestic oil drilling. It contains the potential for higher amounts of energy compared to other affordable alternatives. It is also easy to distribute and modify to the many needs that we have for it. Energy is one of the most important and still least spoken about topics in our country. We consume massive amounts of energy, which equates to billions of dollars that is being cycled through different economies. By focusing on our domestic resources, we can help push a larger share of that money through our own economy in America.