I have to disagree, the instances of offshore crashing the coast are statistically insignificant you know that Toro, hey when it happens is blows but......it just doesn't happen often.
Statistically insignificant is irrelevant. It happened once, and it devastated the Gulf Coast of Florida. We are feeling the affects of it.
I still hear stories in our homegrown vacation spot of Santa Barbara ala the Union Oil platform 1969 blowout. ( Exxon Valdez is something else altogether)
The Gulf blowout was unfortunate, but, no mechanism is as safe, there is always a yardstick in which the risk and effect of an accident precludes the use of the mechanism as its calculated and exemplified calamity is deemed greater or outweighs its advantages.
I have a colleague who is pretty well versed in oil opportunity and depletion, he told me last year that if we went ahead and opened the OCS, even 40% ala east and west we could drop the price by a buck and a half in 5 years and there after for while, as in 10 years or so, depending upon how opec reacts.
I am told otherwise by those in the energy industry.
But let's say you're right. What's it worth to you then? If it is to drop the price of gas by $1.50, how about we get half of that. We get $0.75 that goes into our Treasury and you get $0.75 in your gas tank. Deal?
My understanding was he was being conservative, you are extrapolating your own number, thats fine.
Lets use $1 then. Using my a fore mentioned yardstick, yes I would say its worth it.
And lets remember this scarcity is a manufactured one by humans, not so much the dictates of nature.
You are in Canada, at least some of the time so i assume you are aware that the Keystone XL Pipeline which had cleared all of the hurdles has now been turned back by Obama's DOE who announced they wanted to go back to the drawing baord and start another round of environmental studies.
That pipeline would deliver 15% of our daily use.