I believe that deep water offshore oil drilling is in the best interest of the United States. Contrary to common belief, the Deepwater Horizon accident was not as bad as people believe. Around three quarters of the oil released has evaporated, dissipated, or has been eliminated by natural factors. This proves that the Gulf can, in fact, handle itself. Due to the Deepwater Horizon accident, many areas within the gulf have been placed under a moratorium, or a ban. Due to this, the United States only produces an artificially low 30% of the oil America uses today. However, if the moratoriums on off limit areas can be lifted, the National Petroleum Council estimated we could increase the amount of barrels we produce per day by 20%.

A shutdown of the deep water offshore oil drilling in the Gulf would reduce gross domestic product by ＄5.5 trillion by 2035, cost each family of four an average of ＄2,381 annually, and reduce job growth by more than a million jobs by 2015 and 1.5 million by 2030.

On top of that, closing the industry would not necessarily reduce environmental risks. Moreover, 70% of the oil America uses must be transported great distances on oil tankers, where spills are much more common and greater than on oil rigs on a scale of 7 to 1. While during the last 50 years, offshore drilling spills such as the Deepwater Horizon have released a little over 1 million tons of oil, tanker spills have unleashed over 4 million tons of oil.

Not only would the deep water offshore oil drilling industry help produce more oil from the Gulf, help the economy, and also reduced oil spills, but oil rigs can also help the ocean environment. Over 45% of the total oil contained in the ocean comes from natural seepage through fissures on the ocean floor, subsequently followed by land pollution from streams and discharges from commercial and relational vessels. However, if the moratorium is lifted and oil rigs in the Gulf can be set up, the United States could decrease the oil seepage by significant amounts, which not only helps the oil industry, but also significantly revives ocean environments.

In order for the United States to boost not only the environment and economy but also reduce the total amount of oil seeping and spilling into the ocean, it is critical that the moratorium on restricted areas in the Gulf be lifted to reestablish the deep-water offshore oil drilling in America.