Our modern society is built on the burning of fossil fuels. We use fossil fuels for home heating and cooling, but a majority of them are used for transportation. Although alternative energy sources might be in our near future, they aren’t here today. They are financially feasible right now. This means finding alternative sources of fossil fuels may become necessary for our modern lifestyle to continue being supported. There could be a large reserve of fossil fuels in the Arctic National Wildlife Refuge. Here are the pros and cons to consider when thinking about drilling for oil in this protected area.
It Could Change Stock Futures
Oil prices are based on supply and demand. When supplies are scarce, the price of oil goes up and so do the prices of other commodities that are based on oil. When supplies are plentiful, the prices of oil and associated products go down. By drilling in the Refuge, there is the possibility of creating a second economic boom.
It’s Just a Bandage
The real issue that we have is that our society is far too dependent on fossil fuels like oil. How long would our society last if starting tomorrow, there was no oil that could be used. How would we get to work? How would we heat our homes? By drilling in the Refuge, we’re just putting a bandage on the fact that our consumption of fossil fuels is out of control.
It Would Keep Our Dollars Local
When it comes to oil, the United States imports about 50% of what it means annually. This means hundreds of millions of barrels are brought in from countries like Venezuela, or Russia, or Saudi Arabia. If we could find local sources of oil, like those that are found in the Refuge, then the billions of dollars that are spent to import oil every year could be spent at home instead.
There is no Guarantee
Prospect is a funny business. Even when all the signs are correct and it appears that there is a large reserve of fossil fuels that can be tapped, there is always the possibility that nothing may be found. If that was the case here, it would mean that we would still need to import millions of barrels of oil and we would have the cost of drilling on top of that. If oil is there, it could still take several years for the drilling to release a significantly relevant amount of oil.
It Could Create Thousands of Jobs
Unemployment rates fluctuate month-to-month, but there is no denying that the impact of the Great Recession is still being felt by working families. Some families are making less money today than they made in 1980. By drilling for oil in the Refuge, there is the strong potential of creating high paying jobs by the thousands so that people actually have a chance to improve their way of life – even if they are not in the wealthy class.
