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Politics : Politics for Pros- moderated
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From: TimF6/1/2010 3:59:07 PM
1 Recommendation   of 793866
 
The Lesser Evil

by Bevan Sabo

Mark Perry presents excellent data on ultra-deepwater drilling:



From the EIA:

Gulf of Mexico (GOM) oil production began from shallow water fields (water depth of under 1,000 feet) but shallow water production began to fall in 1998. Steadily increasing volumes from deepwater fields (water depths between 1,000 and 4,999 feet) offset these declines until 2004, after which deepwater production also began to decline (see chart above).

But, ultra-deepwater production (water depths more than 5,000 feet) has risen dramatically since 2004 (and more than tripled since 2005), stemming the overall decline in GOM production.

Perry also cites the interesting opinion of Paul Kedrosky who argues that:

…part of what we’re seeing here is the inevitable “normal accidents” from changing technology as we transition from one extraction depth regime to another.

At every step in mankind’s technological evolution, there have been negative impacts on both humanity and our environment. But with every step, human lives are substantially improved. This is not to say that BP should be held fully accountable (the full damages to the Gulf Coast residents would most likely bankrupt the company), but we should be careful to not forsake technological advancement in its entirety. As Ayn Rand once said:

…we must remember that life in nature, without technology, is wholesale death.

freemarketmojo.com
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