US Oil Drilling Policy – Assignment Example
The paper "US Oil Drilling Policy" is a wonderful example of an assignment on macro and microeconomics. After what was known to be one of the biggest and most costly disastrous, the Gulf Oil Spill, it is only obligatory for the United States to reconsider its oil drilling policy in order to prevent such disasters from happening again. The well that was being drilled by the BP-created rig unexpectedly blew up, spurting gas as well as oil up the drilling pipe which consequently set the water in flames in the Gulf of Mexico. When the Coast Guard security boats reached on the spot, the $575 million drilling rig had by now seemed unsalvageable (Hyde, 110-114). Currently, environmentalists, as well as certain key senators, are requiring for a reconsideration of security essentials for offshore drilling. Its spot on that offshore drilling nowadays is dissimilar — and to some extent safer — as compared to what it was a year ago. A close to death familiarity will do that. After such a huge disaster, the United States drilling policy should include augmented and more inclusive drilling, construction, and disaster response standards that necessitate being created that are detailed to people’s operations or environments (Rintoul, 98). These innovative measures will mean a superior regularity of audits. The time to appraise drilling leases must be given an extension from thirty to about sixty days. In the oil drilling policy of the US, operators should be needed to display controllers a deep comprehension of the geography of the high-risk locality and a verified track confirmation of capability. They should illustrate that they have the economic capability to entire the job. Oil operators should furthermore be adept to display that all constituents of the well – especially the blowout preventer – are outfitted with sensors that may supply unquestionable diagnostic data even throughout a crisis (Kennedy, 218-15). Also, most significantly, the US should defend lesser businesses that can find their protection rates spike by reason of damages producing from bigger operators, the charge is proposing commerce conceive a “mutual protection pool” that would need operators to yield premiums that should be kept in preservation in case of a spill. In conclusion, it is extremely important for the US to reassess their oil drilling policy and include suggestions such as the above in order to prevent future disasters such as the Gulf Oil Spill from occurring (Williamson, 7-18). A little extra attention that should be given to prevention must be done so in order to avoid the price that may be needed to pay for any disasters that might occur.