Offshore Drilling: Energy Boon or Bust?

Offshore drilling was a heated topic of debate during the 2008 United States presidential election campaign. Republican nominee John McCain was a firm supporter of domestic offshore drilling as a method of driving down dependance on foreign oil, and in turn prices at the pump. President-elect Barack Obama and the nation's environmentalists weren't so enamored of the idea, seeing potential environmental blights and little help for foreign oil dependance.

The United States consumes a quarter of all the oil used in the world. However, the country only produces about 10 percent. There have long been inquiries into tapping the 1.76 billion acre Outer Continental Shelf that surrounds the U.S. for oil, ever since the U.S. Congress placed a moratorium on new drilling back in 1981.

Proponents of drilling for oil and natural gas say there are many advantages. States in close proximity to drilling locations could benefit from oil and gas revenue and job opportunities at the coastline, including bustling ports replete with new jobs.

However, environmentalists say that drilling presents a number of risks, including spills and leaks that damage the surrounding ecosystem. They also argue that offshore drilling requires canals to be dug and pipes to be installed to transport the product, which further disrupts natural coastal ecosystems.

Aesthetics is another factor to consider. While there are many people who are quick to say they won't mind looking at offshore drilling rigs if it means savings and fewer ties with foreign oil companies, others don't want to mar pristine coastland and picturesque views with industrial equipment.

Analysts say that even if the moratorium on drilling were lifted, the effects wouldn't be felt immediately, and oil may not be seen for 10 to 12 years. It would take years to secure permits and equipment, as well as to survey potential drilling sites for the best ways to get the oil or natural gas out of the ground. And because oil is a global commodity, where the price is set by global supply and demand, there's reason to argue the small amount of additional oil generated by U.S. offshore drilling would do little to affect residents' wallets.

Still others are on the fence regarding this debated subject. While it's believed that domestic drilling wouldn't solve all of the country's problems, there is belief that it could help replenish diminished oil reserves and provide some relief -- when factored into a serious and comprehensive energy plan.