...Offshore drilling was banned during the 1980s in the United States due to the damage caused to the environment. However, the bans were later lifted in 2008 due to economical and political reasons (Hill). While the ban no longer affects Dicore’s operations, it shows the efforts of U.S. government towards avoiding any environmental risks associated with drilling and the protection of local crude oil and minerals. Drilling companies’ profitability is highly dependent on mineral prices. Since the financial crisis in 2008, Dicore was able to recover steadily with share price reaching an all-time high of $5.12 per share in early 2012 (Bremner, 5). However in 2013, fluctuations of gold and other base metals prices had affected the whole mining industry (Goddart). This has caused Dicore’s stock price to fall to...
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...continuing to furnish their domestic consumptions of oil have led to increased prices of gasoline whereby alternative forms of energy production are sought. With this in mind, offshore drilling can be a viable option for satiating the need of oil and also to boost the economy of the nation. In this report, I am going to discuss how the current Deepwater Horizon rig explosion has led to disastrous oil spill into the Gulf of Mexico causing environmental problems and also discuss how the oil spill if resolved and with safe and secure drilling techniques, the economic impact of offshore drilling can outweigh the environmental issues. Concerning the Deepwater Horizon rig explosion on April 20, 2010, which escalated into a massive amount of oil spillage from the well reservoir as the oilrig sunk killing eleven crewmembers on board. The key players related to the rig explosion are British Petroleum (BP), Transocean, rig owner, and Halliburton. BP is one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. (“BP at a glance,” 2010) Transocean, the world’s largest offshore drilling contractor and the owner of Deepwater Horizon rig, provides the most versatile fleet of mobile offshore drilling units to help clients find and develop oil and natural gas reserves. (“A Next Generation Driller is INNOVATIVE,” 2010) Halliburton, founded in 1919, is one of the world’s largest...
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...Some pros and cons for giving a 16 year old a driver's license can be extreme or not so much. It would be best to think on the future, with or without making it legal to give a 16 year old a license. A con for giving a 16 year old a driver’s license can show that they are less mature than a 18 year old. Because of this they can do something irrational like go to a friends party and get drunk which can then lead to accidents on the road. A 18 year old is less likely to do so, making it seem as 18 year olds are more mature. A pro for giving a 16 year old a license, is that they can be more likely to buy a car, which can lead to a climb in the economy. A climb in the economy can lead to more cars, more variety of cars, better materials, the...
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...Critical Thinking Scenario John Doe ETH/316 August 5, 2015 Critical Thinking Scenario Wyoming's Upper Green River Valley is a crucial link to Yellowstone ecosystem. Every year thousands of animals including Antelope, Elk, and Mule deer, pass through the valley on a long migration from the Grand Tetons to their winter grazing pastures. This valley is also home to the rare Sage-Grouse. The valley is also the home to the vital trout habitat of the headwaters of the Colorado River. People have compared the green valley river environment to the environment of the Serengeti, because of the spectacular variety of wildlife. Locals and environmentalist say it is starting to look like Saudi Arabia because of the natural gas drilling sites. So the question is to drill or not to drill this is what we will discuss in this essay. Scientist and other experts claim that there’s large pockets of natural gas in this geological region and is attracting many natural gas companies to drill and extract this natural gas. Nightline reported an article stating “Experts have estimated that there’s roughly 20 trillion cubic feet of gas here. That would supply the entire nation’s natural gas needs for about a year. The same geological formation that creates a natural corridor for wildlife also holds rich deposits of natural gas, miles beneath the surface. This country’s increasing demand for natural gas coupled with new technology is turning this area into a bonanza for the energy industry...
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...Hydraulic fracturing, otherwise known as “fracking,” by definition, means the process of drilling and injecting fluid into the ground thousands of feet deep, at a high pressure; in order to fracture shale rocks to release the natural gases inside (Schrope n.d.). A more adequate explanation on to why we perform the method of “fracking” is that it is an easier process to obtain the natural gases inside the rocks. These natural gases are used for many sources of energy throughout the world. Natural gases have also been proven to be more cleaner and more efficient source than coal. The process of fracking involves drilling through deep wells into the shale rocks which breaks up the rock shales releasing these natural gases. While fracking has been a more efficient and cleaner process, there are many dangers that come along with this process which many people overlook. With many countries including the United States using fracking, it is still on going method that many still use today. With this, there are many pros and cons that come along with fracking. This has been a...
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...1. Why have reserves of oil and natural gas greatly increased in the USA in the last three years? Compare both natural gas and oil reserves in the USA in 2005 to now (2015) (6 points) Reserves of oil and natural gas have greatly increased in the USA in the last 3 years because of controversial fracking and drilling methods. This unconventional horizontal drilling method produced more natural gas and shale oil than people thought possible. This new type of drilling could be done under the economic conditions and with the technology we currently have. For the first time since 1975, the US produced over 36 billion barrels of oil. In 2005, the need for imported oil decreased. Instead, an improved domestic supply of oil from fracking methods was...
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...Jordan Bailey Energy Resource, Oil Looking back in time the earliest oil well drilling was done in 4th century China, maybe even earlier. The Chinese burned the oil to evaporate brine and produce salt. They also probably used the oil for lamps and possibly to an extent to heat themselves as well as their homes. By the 10th century, extensive pipelines connected oil wells with the salt springs. In the western world, the petroleum industry started near Titusville, Pennsylvania, with Edwin Drake’s discovery of oil in 1859. The new oil industry, the fuel oil and home heating oil industry we know today, grew slowly in the 1800’s and did not become a real national concern until the early part of the 20th century. The internal combustion engine created a whole new scenario for the oil industry which provided and still provides a demand for refined fuel oil that still exists today. Early finds of oil like those in Pennsylvania quickly ran dry leading to “oil booms” in Texas, Oklahoma, and California. Other countries had much larger oil reserves and stated to develop them at an industrial level. As late as 1955 coal was still the world’s most used fuel. Oil then began to take over the scene and became the predominant fuel to heat homes. Following the 1973 energy crisis and the 1979 energy crisis there became the concern that oil is a limited resource and will eventually run out, at least as an economically viable energy source. In 2004 there was a report done by USA Today news...
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...From 1967-2000, there was a normal of 21 earthquakes for every year in the United States that were 3.0 or more on the Richter scale in the central and eastern states. From that point forward, while fracking turned into a need in the US, the number of quakes at this level has expanded by a factor of four (“26 Pros and Cons Of Fracking” 5). On the other hand, a big wide variety of wells were made using the fracking method, and the quantity of earthquakes have been insignificant (“26 Pros and Cons Of Fracking” 3). Methane is an ozone-harming substance, which hints that it is a greenhouse gas which is also a cause of global warming (Squire 35, 36). The Proceedings of the National Academy of Sciences says that fracking can contaminate groundwater tables, tap water systems, and wells and if methane gets into the...
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...looking for natural gas, they seek out a particular type of rock formation above ground. Tests are run that can measure sound waves and gravitational pulls in a particular area. If the tests appear promising, the drilling begins. Drilling only returns natural gas half of the time. In order to tap into the underground reserve, the drilling team must dig about 6000 feet into the ground. Once the gas is extracted from the ground it is sent to power plants and processing plants. It is then cleaned, separated and converted into fuel that is usable for homes and businesses. There are times that the gas is compressed, then transported to various rural areas where pipeline aren’t available. It is then placed in small metal tanks. The USA produces about a quarter of the earth’s natural gas. The five best sources for fossil fuel are Louisiana, Wyoming, New Mexico, Oklahoma and Texas. Natural gas can be found in several other places within the Northern Hemisphere. Qatar is the world’s largest natural gas field. The Persian Gulf is the second largest. Natural gas impacts the quality of water greatly. One type of drilling called hydraulic fracturing has been cited in many spills of processing chemicals into ground and other water sources of local communities. This type of drilling is also exempted from the Safe Drinking Water Act. The same extraction process aids in contaminating soil as well. Natural gas is the cleanest of all other fossil fuels. It is composed primarily of methane. The...
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...naturally maintaining area of arctic and sub-arctic ecosystems. This refuge is home to a wide variety of plants and animals. There are many different species of big game that roam this area, there are 36 fish species, 36 kinds of land mammals, over 160 bird species and 9 marine animals, which include: caribou, polar bears, grizzly bears, wolves, migratory birds from each of the four main flyways and many other species. According to a Geological Survey, there is a small chance that taken together that the fields on this land could hold as much recoverable oil as the Prudhoe Bay which is the state-owned portion of the coastal plain located west of ANWR in Alaska. This has started an argument for a long time now, a constant battle over oil drilling...
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...Angela Funk To Drill or Not To Drill As the population in the United States increases, so is the need to keep up with the energy demand. Developing new energy sources such as solar, wind, clean coal, natural gas and nuclear power the US can become less dependent on foreign countries. Although off shore drilling is a good resource that has been in existence for years, with the recent oil explosion (2010) and 11 lives and a massive spill of oil in the Gulf of Mexico, that had a major affect on the economy and the wildlife caused the US to take a look at alternative resources for energy. The option of alternative resources allows the US to be more self- sufficient and could overall be less cost effective for the US. The perceptual blocks that I am experiencing with these assignments is the various pros and cons that come with both off-shores drilling & using alternative resources. Off –shore drilling already in place and with the drilling moratorium expanding into the Mediterranean and off the coast of East Africa after a hug discovery of natural gas. However “Exploration in deepwater fields remains dangerous because of high temperatures and high pressure when drilling 6,000 feet or more under the sea floor”. (Krauss & Broder, 2012). On the other hand with alternative resources we would no longer have to rely on other countries to supply our energy because it would be created here in the US. Research and testing does take a while before full production would take place...
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...rock formations by injecting fluid into cracks to force them further open. The step-by-step process to fracking is this: First they start out by drilling vertically into the ground to a desired depth. It then turns ninety degrees and continues horizontally several thousand feet into shale, which is believed to contain trapped natural gas. A mixture of water, sand, and various chemicals, that fracking companies will not disclose, is pumped into the well, which splits the shale so that the natural gas can escape. The natural gas escapes through the cracks made in the shale and is brought back up to the surface to be processed. In the US today, people are arguing about whether or not fracking should be done. The goal of fracking is to create a passage way for the natural gas to come back up the well to the surface where it can be processed and refined. There are lots of layers of natural gas and oil in the shale. The pressure they use to make the fractures in the rock is immense, but without a passageway there is no way the natural gas can return to the surface. Therefore there is need for a well to be drilled several thousand feet into the ground. In doing so, the drilling into the shale rock creates fractures, which releases the natural gas and allows it to rise to the surface. There are many pros and cons to fracking. Some pros to fracking are: potential energy independence. The United States Department of Energy estimates that we will get, roughly, 2.6 trillion barrels...
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...Lindsay Hartman Lynn McClelland ENG 101 29 February 2016 Online vs. Traditional Education During the final year of high school, the pressure of going to college is at its peak. Drilling into our heads that, college is the best route to go after high school if we want to have a “bright” future. No doubt majority of students go to college directly after, but some end up waiting to go later on. Fortunately, there are other options available today for those who had to wait to go. Online schooling, the ability to get a higher education online, without the traditional classroom setting. Now the burning question, just how much better is online learning anyway? There are many factors in determining whether the online route or the traditional way is better. Things like the cost of education, the academic performance of students, or the environment you wish to learn. Let’s dig a bit deeper to find out just what the facts will prove! The thing today that most people think about before making their decision about which way to go, is the environment that would best suite their current life situations. For instance, “students who freely choose online classes may have different characteristics, like they may be older, or have children, or are employed full time” (Dr. Stack 2015 Learning outcomes in an online vs traditional course pa.9). It is this flexibility that makes it possible for people with these characteristics to get a higher education. Just think about it, if you...
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...During the process of hydraulic fracking, they are drilling into the earth. By drilling horizontally and vertically they create many fissures in the Earth. As time passes, these fissures and crevices may become larger and may begin to shift like tectonic plates, causes miniature earthquakes. However, most of these tremors are small and do little structural damage above the ground. An example of an earthquake due to fracking is the 2011 Oklahoma earthquake. This was the most powerful earthquake Oklahoma had experienced so far, 5.7 magnitude. The reason people believed fracking was the culprit is because the epicenter was found to be close to many active wastewater injection wells; however, it could also be blamed on the Seminole Uplift...
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...------------------------------------------------- Top of Form Bottom of Form | RSS | | * 0 items - £0.00 * Economics Help * Blog * UK economy stats * * * * * * * * * * * * * * * * * A Level Blog * Shop * Ask question You are here: Home > Economics help blog > Pros and Cons of Mergers Pros and Cons of Mergers by Tejvan Pettinger on February 22, 2012 in economics A look at the pros and cons of mergers. Are mergers in the public interest or are mergers just beneficial for top executives and shareholders? When looking at mergers it is important to look at the subject on a case by case basis as each merger has a different possible benefits and costs. These are the most likely advantages and disadvantages of a merger. Pros 1. Network Economies. In some industries, firms need to provide a national network. This means there are very significant economies of scale. A national network may imply the most efficient number of firms in the industry is one. For example, when T-Mobile merged with Orange in the UK, they justified the merger on the grounds that: “The ambition is to combine both the Orange and T-Mobile networks, cut out duplication, and create a single super-network. For customers it will mean bigger network and better coverage, while reducing the number of stations and sites – which is good for cost...
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