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http://money.cnn.com/2010/05/04/news/economy/oil_drilling/index.htm
http://money.cnn.com/2010/05/04/news/economy/gasoline_prices/index.htm
For my final post this week, I wanted to address a topic that I am personally concerned about. This may be slightly off topic, but thinking about future economic issues is relevant to this class in my opinion. With the disaster of the Gulf oil spill and the halt on Obama's offshore drilling plan, I wanted to address a couple of questions about the future economic effects related to our energy sources and the spill. This article I read seems to support expanding offshore drilling even after this most recent disaster. While the first article claims that 160,000 new jobs would be created, I am skeptical if that would be worth it at all. The second article I linked to argues that even with an expanded offshore drilling program, prices may not drop. Are the severe environmental risks worth it? This first article seems to think so, arguing that, "It would reduce the trade deficit, lower interest rates and boost the dollar" & that "It would generate tax revenue: The $60 billion or so in value from an extra two million barrels a day, at today's prices, might generate $30 billion a year for the federal government, once royalties and corporate taxes are paid." It seems to me that moving towards greener technology would not only create more jobs and do all of the things this article argued, but lead us away from the economic problems of another energy crisis. We are all familiar with the consequences of an energy crisis are after the 1970s. Are we eventually headed towards another energy crisis that could have severe economic effects?
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This is neat, but the first article seems to optimistic about the situation. I don't think prices would really drop and even though it would increase the number of jobs we need to look a little more into the future than that. Eventually, the reserves would run out, we would be left with a poor environmental state in that drilling area and we know that $30 billion a year would not be going towards our trade deficit. I think the idea of an energy crisis is important and should not be shunned away. I mean, we knew, KNEW that our green technology and preparation for alternative fuel sources was well behind Europes. The systems of metro transit and compact fuel efficient cars has been a long plan in Europe and they are taking it with stride. My mom keeps telling me to look for a job in alternative energy and I must say, maybe I will. It is necessary for the future of our country to look into alternative energy with much more concern
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