Answer:
Pros of Deep-Water Offshore Oil Drilling:
1. Deep-water offshore oil drilling will result in greater domestic production. More offshore drilling will lead to greater domestic oil production and less reliance on imported oil, much of which comes from politically unstable regions.
2. An increased supply of oil will lower gasoline prices. Offshore drilling will increase the supply of oil, resulting in lower gasoline prices.
3. The state will benefit, as increased drilling results in increased governmental revenues, via royalties. Opening restricted areas to offshore oil production will generate billions in state and federal revenues through royalties.
4. Improvements have been made to technology and are being made to technology in order to lower the rate of oil spills and the risk of environmental hazards. There has been a lower occurrence of oil spills in the last four decades. Technologies are being developed in order for oil drilling to be done without damaging the environment and/or disturbing the plant and animal habitats.
5. The field of deep-water offshore drilling creates jobs for America's workers. Drilling itself and development of land after the process will help in engaging people, thus creating jobs for hundreds of citizens.
Cons of Deep-Water Offshore Oil Drilling:
1. The oil found in offshore oil drilling barely reduces the United States' dependence on foreign oil imports. The US requires approximately 8 billion barrels of oil per year to meet its current needs; deep-water offshore drilling, in its conventional form, is expected to bring in only 18 billion barrels total.
2. Offshore oil drilling will not guarantee lower gas prices. Gas prices are affected by too many other variables to assume that changing one factor will significantly change the result.
3. Offshore drilling results in oil spills.
3a. Deep-water offshore drilling is associated with oil spills; both major and minor oil spills harm the surrounding environment greatly. Spills most often occur when oil is being transported to land via oil tanker, but damaged pipelines or the platform itself may also cause spills. Such spills are a massive drain on both resources and energy, as well as a real and pressing danger to the environment.
3b. Oil spills, despite improved technologies, are still common and predicted occurrences. At current extraction rates, it is predicted that in the Gulf of Mexico there will be one oil spill per year of no less than 1000 barrels over the next 40 years.
4. Offshore drilling is challenging to keep up, as it requires keeping manned facilities above water and disposing of oil rigs is costly. Challenges include the scale of construction required for functional facilities and the need for facilities located in the water where the oil would be extracted from sand, which would demand extra funds and efforts. Removing platforms and pipelines no longer in use is extremely costly.
5. Carbon emissions will increase. Expanded offshore drilling will not reduce emissions of carbon dioxide, which contributes to warmer global temperatures.