Oil cliffs—offshore drilling looks even more short sighted
October 28 2008 | Jim's Blog,
In this case, the woe goes to Americans.
Oil drove off a cliff. It's trading at under $70 a barrel.
When it zoomed past a Benjamin we, and it sure seemed like the collective we, all joined in a chorus of "drill baby drill."
That was silly then.
It's worse now.
There is real cost to such drilling. Very real costs in terms of challenges to our oceans waves and beaches.
More importantly, and this point is directed at the more business-savvy readers of this blog... the ROI on offshore drilling in the US is a mirage.
We're going to pay a lot and get back very little.
That's a bad decision, it's short-sighted and it's simply poor logic when it pertains to business-driven decisions.
Sure a few people and a few companies will make out like Midas but for the rest of us (that collective we) offshore drilling is a bad idea.
Let's stop reaching for a fix.
Let's come to the realization we have an addiction.
Let's take our cash and invest it in alternative energy.