Article:
The Obama administration will go ahead with more drilling in Arctic waters, though at a pace that allows for more research before additional permits are granted.
The administration will hold new lease sales for oil companies to drill in the Chukchi and Beaufort Seas just north of Alaska, Interior Secretary Ken Salazar said Tuesday in a conference call with reporters.The plan is apparently designed to please both environmentalists and drilling advocates, though it risks irking everyone.
Industry types would prefer a much faster timetable to get the drilling going, while many opponents want it halted permanently.
The administration is hoping the move will defray criticism that it's not moving fast enough to allow more domestic energy production.
But that seems unlikely.
"Only now that excuses are running out are they moving forward as slowly as possible," said a spokeswoman for Republican presidential candidate Mitt Romney. Obama has attempted to take a middle-of-the-road approach to energy development throughout his presidency.
He's resumed leasing in the Gulf of Mexico after the BP (BP) disaster, plans to allow drilling in the Arctic, and has done little to restrict hydraulic fracturing -- or fracking -- in domestic oil and gas fields despite fears that the process is contaminating ground water.
But the number of permits issued and acres available for drilling have generally been lower under Obama's administration than in George W. Bush's administration, which preceded it.
On Tuesday, Salazar said it's "highly likely" the final permits for Royal Dutch Shell's (RDSA) Arctic drilling operation, set for this summer, will be issued shortly.
Shell won its Arctic leases during the Bush administration, but its final permits to drill have so far not been granted by Obama. Sources expect the final OK to come this week.
Sources:
Article: http://money.cnn.com/2012/06/26/news/economy/arctic-drilling/index.htm
Picture: http://www.alaska-in-pictures.com/monopod-oil-platform-3221-pictures.htm
My Summary:
Obama's administration is going to do more drilling in the Arctic, but is trying to please environmentalists as well by slowing the pace and making permits harder to recieve. This plan may be met with failure if BOTH sides are still completely against the idea. This risk poses a hard position for the Obama administration, so they attempt to "defray critisism" that it isnt moving along quick enough.
The drilling could cause another major disruption of the ecosystem surrounding it like BPs mishap in the Gulf of Mexico, wiping out or killing many of the indigenous species. On the other side of the arguement, you have problems such as less energy to go around, not that it would affect everyone, but less oil means higher fuel prices, which doesn't help our already slow climb out of the recent recession.
All in all, it is not an easy decision for the Obama administration, and I do not envy his position, but something must be done so that the drill site's environment stays in equlibrium and we recieve the much needed energy.
Question:
What is your stance on the subject? Do you think some kind of compromise can be made?
