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In 1969 drilling bans were established for offshore California and Florida, and in 1990 President George H. W. Bush banned offshore drilling entirely. Nevertheless, offshore drilling continued in offshore Texas and Louisiana. Offshore drilling became central in the 2008 presidential election, not least because of the oil price increases since 2003.
Overall, offshore drilling is benefiting from a lack of easy-to-extract oil on land. Offshore rig owners SeaDrill , Transocean , and Noble Corp. are three of the leaders in the industry, and Noble ...
Companies drill for oil or natural gas for one reason -- profits. But drilling on land and drilling offshore provide two different return-on-value calculations and time horizons.
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Historically, offshore drilling began by extending known coastal oil- and gas-producing trends out into the ocean. For this reason, most US offshore drilling has taken place offshore Louisiana, Texas, California, and Alaska, areas with coastal onshore oil and gas fields.
When offshore drilling moved into deeper waters of up to 30 metres (98 ft), fixed platform rigs were built, until demands for drilling equipment was needed in the 100 feet (30 m) to 120 metres (390 ft) depth of the Gulf of Mexico, the first jack-up rigs began appearing from specialized offshore drilling contractors. [11]
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Another argument for offshore drilling is that it will create a load of jobs, which indeed it may. However, being ugly and creating possible health hazards in the coastal waters, the drilling will hurt the tourist industry along the popular coasts, likely causing the loss of many other jobs.
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