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Political Overview of Offshore Drilling

            Currently, there is a huge stress on energy dependence within our country. In 2011, the United States spent a combined $460 Billion on oil imports. This outrageous number is derived from the increasing demand for oil. 40% of our total crude oil is imported, primarily to strengthen our fight for energy independence2. This an issue that must be addressed in order to strengthen our domestic markets. Conscious efforts by Congress and the President to put limits on the exploration of offshore oil shales have made it difficult for major oil companies to tap into these valuable resources. These limits are imposed primarily on account of environmental concerns because the drilling process excretes pollutants into the water and air3. Although it is true that drilling has a negative impact on the environment with its marine life and pollution of the water, the expansion of offshore drilling must be pursued in order for the United States to maintain its standards within the international market economy and decrease the pressure on federal spending.
             The issue grabbed the attention of politicians rather early. Restrictions on the expansion began in 1981, when Congress introduced an annual vote for an offshore moratorium. It was not until 2008 that President George W. Bush lifted the executive moratorium for the OCS (Outer Continental Shelf) that President H.W. Bush put into place 18 years prior4. The new five-year leasing plans associated with the lifted moratorium allowed for the expansion of the system until a British Petroleum oil platform, the Deepwater Horizon, exploded and sent more than 3.26 million barrels of crude oil spilling into the ocean5. This forced President Obama to place a moratorium back on for the OCS and is still in effect today. It is apparent, even as President Obama went into his presidency in 2008, that economic relief via domestic energy sources are necessary6. As the total debt of the US reaches $16 trillion and counting, there are ways that the government can shave off their total expenditures.


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