America's untapped oil

The hot topic in today’s news is the price of crude oil and its effects on the economy. As discussed in the previous chapters supply and demand has a large effect on how much is produced compared to how much is consumed. Theses chapters also discussed ways that the government implements laws that are suppose to help the economy and unfortunately hurt the economy. The government has implemented banning laws forbidding oil companies to drill in parts of Alaska, coast of California, the entire east coast and the gulf coast from Florida to Louisiana. These laws were originally designed to prevent any damage to the wildlife, however these laws now prevent the needed amount of crude oil production. Some experts say that the oil companies are not even drilling all the areas they are allowed to; why should they give them even more oil. The oil companies replied by saying that they have to research areas in great depth before they risk drilling these areas. As a petroleum engineer, this fact is true. Before taking the risk of drilling a multimillion-dollar dry hole, it is key to determine whether or not hydrocarbons exist. I also know that the oil industry is like any other major corporation and plays the market to make as much as a profit as possible. A few questions that were discussed in America's untapped oil, written by Steve Hargreaves were: Are oil companies not using their resources to the fullest? Would allowing oil companies drill in these areas benefit the economy? Should only a few of the areas be opened for drilling?