Drilling in the Gulf

The debate on whether or not to allow drilling off the coast of Florida is an important one.  Florida controls the water 10 miles out into the Gulf of Mexico.  Do the benefits of drilling for oil in the Gulf outweigh the environmental risk?  


First let's look at the industries that would be affected if an oil disaster would hit Florida.  Tourism brings in nearly $60 billion to Florida each year, which amounts to $3.4 billion in state tax revenues, and directly employs over 900,000 people. It is the state's largest employer (http://dlis.dos.state.fl.us/fgils/tourism.html).  If an oil disaster hits Florida, the Gulf Coast counties would be the first to be hurt as it is estimated that if these counties lost just 10 percent of their tourism and leisure jobs and spending, the estimated losses would be 39,000 jobs and $2.2 billion. If that number is increased to 50%, 195,000 Florida jobs would be eliminated and $10.9 billion lost – and that's just in the Florida Panhandle (http://www.iec.ucf.edu/post/2010/05/01/Gulf-oil-spill-could-be-disastrous-for-Florida-economy.aspx).  Next let's look at the second industry ruled by the Gulf- the Fishing Industry.  The Gulf of Mexico is home to thousands of different species of fish, plants and life.  Florida is the nation's number one spot for sports fishing, attracting nearly 3 million anglers and accounting for nearly $5 billion in revenue annually which would be negatively impacted by a oil disaster. (http://myfwc.com/conservation/Conservation_ValueofConservation_EconSaltwaterImpact.htm).  Not to mention that commercial fishing off Florida's coasts generates over $6 billion annually and directly supports nearly 20,000 jobs (http://www.collinscenter.org/members/blog_view.asp?id=548214).

Now that we understand the benefits of a healthy and clean Gulf, let's weigh this against the economic benefits from offshore drilling.  In a study conducted by the Florida Legislature and by the Collins Center for Public Policy there are an estimated 236 million barrels of oil and oil equivalents in Florida's state-controlled waters.  

Florida's total oil and gas resources amount to little more than a 3 day supply (236 million/86 million) when compared to the 83 million of barrels used daily in the world.  In the United States, approximately 20 million barrels of oil are used per day while Florida uses nearly 360 million barrels of oil each year (http://www.statemaster.com/graph/ene_pet_con-energy-oil-consumption).  

This means that the Gulf Of Mexico under Florida's control has enough oil for 11 days worth of oil nationally and less than a year's worth of oil supply to the state.

I cannot see the benefit in a simple risk v benefit cost analysis for allowing drilling off of Florida's coast.  We cannot let another disaster occur- the risk is too great.