Increasing number of Americans in favor of offshore drilling

Offshore drilling gains supporters across the country

Offshore drilling has been stirring controversies for what now seems like forever. The undeniable fact is that it has many opponents. No one can hide that. There is, however, one other undeniable fact – every single one of these objectors somehow, in one way or another, benefits from offshore drilling. With other green power sources still in their developmental stage it is virtually impossible to remove oil and gas from all industries, especially aviation and transportation.

Modern fleet and smart management team – a platform for success

By now you may have read about Vantage Drilling Company (NYSEAMEX:VTG) that StockTips.com’s experts suggested as a good investing opportunity for the right investor. As with other drilling companies, there are always pros and cons, but what is important here for investors to understand is that Vantage has one of the youngest, most modern fleets in the industry. The company is also run by one of the most experienced and successful management teams in the business. This means that if they have funds to grow, they will be able to set an example and make offshore drilling even safer than it is currently.

Oil and gas industry is safer now, say environmentalists

Even environmentalists admit that the oil and gas industry is not as bad as it used to be. The pollution levels from everyday operations are lower and there are fewer oil spills from pipelines, platforms and tankers. “Today’s technology is much better at routine drilling, at avoiding the kinds of seepages that were common a generation ago,” admits Tyson Slocum of Public Citizen. Needless to say, it happens because companies such as Vantage make every possible effort to make the industry as harmless to the environment as possible.

Offshore drilling the way to go

Let us look back at the year 2005 when hurricanes Katrina and Rita caused some significant damage to 115 oil platforms. The disaster would have been even bigger, if the damaged drilling rigs had not been prepared for such eventuality as well they had. Out of the more than 8 million gallons of oil that spilled into the water during these cataclysms, the majority came from tanks and pipelines on land or tankers damaging oil rigs. Less than 10% of oil got into the water from federal offshore operations.

“Offshore drilling is the safest way to go. Those guys don’t spill oil,” says Roland Guidry, Louisiana’s oil spill coordinator referring to the modern technology, such as mechanical devices that can prevent explosions caused by uncontrolled buildups of pressure or automatic shutoff valves on the seabed floor.

Offshore drilling is not going anywhere

With constant technological improvements in the oil and gas industry, it is rather safe to state that offshore drilling companies do not have to worry about their future. Out of 10 most successful companies in the US, two of them are oil companies. Exxon Mobil is the second most profitable American company, falling only behind Apple. The sixth place is for Chevron, the company that in 2006 led a consortium that proved oil could be produced from a geological area about 175 miles from Louisiana. Chevron proved that the area holds estimated 3 billion to 15 billion barrels of oil.

Increasing number of Americans favors offshore drilling

Most of the coastline in the United States remains unavailable to oil companies. It happens due to a moratorium on new drilling that Congress imposed in 1981. While countries like Norway or Brazil, which do not have this kind of ban, find large oil deposits, the US must import the majority of its supplies. With the oil prices going up, Americans have started to look at offshore drilling in a different light. Polls show that two-thirds of Americans are in favor of drilling along the US coastline. “The big discoveries are happening offshore. This is where the action is,” admits Robert Bryce, managing editor of Energy Tribune.

Even the residents of near eye-soothing and beautiful beaches Santa Barbara in California admit that sometimes going against the tide makes no sense. “The people of Santa Barbara don’t want any more oil drilling. That’s just pretty plain. But everybody’s got a price, and at a certain price per gallon, we’re all going to want more drilling,” said the former Mayor of Santa Barbara Marty Blum.

Help to make the industry safer

With the prices of oil skyrocketing to levels previously unknown to the majority of Americans, we can expect further support for offshore drilling. By investing in companies that can make a difference, we can make this difference ourselves. If done right, investing in oil companies is not wrong, and Vantage Drilling Company belongs to the good guys in the industry.